 "Trump announces ‘reciprocal’ tariffs, calls US allies ‘worse than enemies’ on trade")
President Donald Trump on Thursday continued his overhaul of US trade policy, announcing plans to impose reciprocal tariffs on foreign goods at the same rates other nations apply to American products, with implementation expected in the coming weeks or months.
Addressing the media about his latest move to shake up US domestic and foreign policy, Trump said US allies were often “worse than our enemies” on trade.
The levies would be tailored to each US trading partner and consider factors such as value-added tax (VAT).
Trump has announced a broad range of tariffs targeting some of the biggest US trading partners since taking office, arguing that they would help tackle unfair practices – and in some cases using the threats to influence policy.
The president has referred to tariffs as a way to raise revenue, remedy trade imbalances and pressure countries to act on US concerns.
“I’ve decided for purposes of fairness that I will charge a reciprocal tariff,” Trump said earlier today in the Oval Office at the proclamation signing. “It’s fair to all. No other country can complain.”
Trump’s Republican administration has insisted that its new tariffs would level the playing field between U.S. manufacturers and foreign competitors, though these new taxes would likely be paid by American consumers and businesses either directly or in the form of higher prices.
Impact Shorts
More ShortsThe politics of tariffs could easily backfire on Trump if his agenda pushes up inflation and grinds down growth, making this a high stakes wager for a president eager to declare his authority over the U.S. economy.
With inputs from agencies
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