Trump: The United States will impose reciprocal tariffs on many countries
US President Donald Trump said he plans to unveil "reciprocal tariffs" measures, signaling a significant escalation in the trade war between the United States and its economic partners.
Trump also mentioned that the move would fulfill his campaign promise and work with Congress to push through the Reciprocal Trade Act. The bill would give Trump the authority to raise tariffs on specific foreign goods to the level set by the country. Under this policy, each product in the U.S. tariff code could have different tariff levels for different countries, significantly increasing the complexity of the collection of tariffs on goods.
Trump and his advisers have also previously said the United States could use tariffs to counter non-tariff trade barriers imposed by other countries. The US President argued that he was seeking a "fair deal" for American consumers.
Trump specifically mentioned the European Union's value-added tax, which is set at a low standard rate of 15 percent under European law, but the effective rate can vary by European country and type of goods.
Earlier, Trump signed an executive order to impose a 25% tariff on goods imported from Mexico and Canada, including a 10% tax increase on Canadian energy products. But he later delayed the tariffs, leading some to question whether he would be willing to follow through on his threat.
Trump said he would announce a new 25 percent tariff on all steel and aluminum imports into the United States on Tuesday. According to Reuters, the new tariffs will be stacked on top of existing metal tariffs and mark another "major escalation" in Trump's trade policy reforms.
Former President Joe Biden expanded those quotas to include the United Kingdom, Japan, and the European Union.
Previously, the United States to impose tariffs has been opposed by many parties. Us public opinion believes that the US tariff measures may affect the US economic growth, but hurt the United States itself. On February 3, local time, US Senate Minority Leader Chuck Schumer, a Democrat, said that the Trump administration's tariff policy is "the stupidest trade war in history."
Trump also mentioned that the move would fulfill his campaign promise and work with Congress to push through the Reciprocal Trade Act. The bill would give Trump the authority to raise tariffs on specific foreign goods to the level set by the country. Under this policy, each product in the U.S. tariff code could have different tariff levels for different countries, significantly increasing the complexity of the collection of tariffs on goods.
Trump and his advisers have also previously said the United States could use tariffs to counter non-tariff trade barriers imposed by other countries. The US President argued that he was seeking a "fair deal" for American consumers.
Trump specifically mentioned the European Union's value-added tax, which is set at a low standard rate of 15 percent under European law, but the effective rate can vary by European country and type of goods.
Earlier, Trump signed an executive order to impose a 25% tariff on goods imported from Mexico and Canada, including a 10% tax increase on Canadian energy products. But he later delayed the tariffs, leading some to question whether he would be willing to follow through on his threat.
Trump said he would announce a new 25 percent tariff on all steel and aluminum imports into the United States on Tuesday. According to Reuters, the new tariffs will be stacked on top of existing metal tariffs and mark another "major escalation" in Trump's trade policy reforms.
Former President Joe Biden expanded those quotas to include the United Kingdom, Japan, and the European Union.
Previously, the United States to impose tariffs has been opposed by many parties. Us public opinion believes that the US tariff measures may affect the US economic growth, but hurt the United States itself. On February 3, local time, US Senate Minority Leader Chuck Schumer, a Democrat, said that the Trump administration's tariff policy is "the stupidest trade war in history."
