Trump says reciprocal tariffs will target all countries

Share:

Trump says reciprocal tariffs will target all countries

U.S. President Donald Trump said on Sunday that the reciprocal tariffs he will announce this week will cover all countries, not just the 10 to 15 smaller ones with the worst trade imbalances.

Trump has promised to unveil a massive tariff plan on Wednesday, which he calls "Liberation Day". He has already imposed tariffs on aluminum, steel and cars, and raised tariffs on all Chinese goods.

"You should start with all countries," he told reporters aboard Air Force One. "It's basically all the countries we talk about."

white House economic adviser Kevin Hassett recently told Fox Business News that the administration's tariffs would focus on the 10 to 15 countries with the worst trade imbalances, but he did not list them.

Trump sees tariffs as a way to protect the domestic economy from unfair global competition and a bargaining chip for the United States to get better terms.

However, fears of a trade war are roiling markets and raising fears of a U.S. recession.

Trump said he would impose a series of reciprocal tariffs on countries that impose fees on U.S. exports and promised to impose equivalent tariffs on those countries.

In February, Trump signed a memorandum directing U.S. trade officials to review each country on a case-by-case basis and draw up a list of targeted countermeasures.

Last week, he hinted at the possibility of scaling back the reciprocal program, in some cases potentially imposing tariffs at rates lower than those countries impose on the United States. -- source: Reuters

Previous

Trump is plotting the biggest tax increase in global history

Quick inquiry

Create

Inquiry Sent

We will contact you soon