Trump announces' reciprocal tariffs' on US trading partners
According to CCTV news, on February 13 local time, US President Trump announced that he had decided to impose "reciprocal tariffs", that is, let the United States and trading partners levy tariff rates equal to each other, and said that he would consider imposing tariffs on countries that use the value-added tax system.
"Reduce persistent goods trade deficits"
The memo says U.S. policy is to "reduce the large and persistent goods trade deficit" and address "other unfair and unbalanced trade issues" with foreign trading partners.
According to the New York Times and The Hill, the new reciprocal tariffs would be based on a series of trade measures taken by countries that trade with the United States themselves, including the level of tariffs imposed by other countries on the United States, subsidies provided to their own industries, exchange rates and any practices that the United States considers unfair.
The timing of the levy was not specified
The timing of the imposition of "reciprocal tariffs" was not specified in the memorandum. However, some analysis shows that the reciprocal tariffs announced by Trump will not be levied immediately, but the signing of the relevant memorandum will allow the Trump administration to start the development process of relevant tariffs. White House officials said Trump wanted to move quickly and suggested it would take "weeks" rather than "months" to implement the tariffs.
Many countries have expressed opposition to undermining the multilateral trading system
On the 10th, Trump signed a document announcing a 25% tariff on all US steel and aluminum imports, and claimed that he would impose so-called "reciprocal tariffs" on chips, cars, pharmaceuticals and other products. Us Allies such as Canada, Germany and Japan are opposed to this, arguing that the tariffs will undermine the multilateral trading system, hinder the development of the world economy, and the United States and its trading partners will suffer huge losses.
"Reduce persistent goods trade deficits"
The memo says U.S. policy is to "reduce the large and persistent goods trade deficit" and address "other unfair and unbalanced trade issues" with foreign trading partners.
According to the New York Times and The Hill, the new reciprocal tariffs would be based on a series of trade measures taken by countries that trade with the United States themselves, including the level of tariffs imposed by other countries on the United States, subsidies provided to their own industries, exchange rates and any practices that the United States considers unfair.
The timing of the levy was not specified
The timing of the imposition of "reciprocal tariffs" was not specified in the memorandum. However, some analysis shows that the reciprocal tariffs announced by Trump will not be levied immediately, but the signing of the relevant memorandum will allow the Trump administration to start the development process of relevant tariffs. White House officials said Trump wanted to move quickly and suggested it would take "weeks" rather than "months" to implement the tariffs.
Many countries have expressed opposition to undermining the multilateral trading system
On the 10th, Trump signed a document announcing a 25% tariff on all US steel and aluminum imports, and claimed that he would impose so-called "reciprocal tariffs" on chips, cars, pharmaceuticals and other products. Us Allies such as Canada, Germany and Japan are opposed to this, arguing that the tariffs will undermine the multilateral trading system, hinder the development of the world economy, and the United States and its trading partners will suffer huge losses.
