Trump announces sweeping tariffs to challenge trade partners
President Donald Trump announced on Sunday that reciprocal tariffs, set to be revealed this week, will target all countries with which the USA maintains trade relations.
The American leader mentioned that an extensive plan on customs policy would be presented on Wednesday, which he referred to as "Liberation Day." So far, the US administration has imposed tariffs on aluminum, steel, and cars, and has also raised tariffs on all goods imported from China.
— You’d start with all countries. Essentially all of the countries that we’re talking about, — President Trump stated, as quoted by Reuters, during a conversation with reporters on board Air Force One. He added that he plans to introduce a package of reciprocal tariffs against countries that charge fees for exports from the USA, with the aim of leveling the playing field.
In February, President Trump signed a memorandum instructing his team to analyze individual countries and prepare a list of appropriate remedial measures. As he suggested last week, he might limit his plans by imposing tariffs in certain cases at a lower level than those implemented by other countries against the USA.
Experts cited by ABC News previously warned that the new tariffs could worsen the global trade war, leading to higher prices for many consumer goods and increasing the risk of an economic slowdown.
Last year, the USA recorded its largest trade deficits with China, the European Union, Mexico, Vietnam, Taiwan, Japan, South Korea, India, and Canada. ABC News emphasizes that reciprocal tariffs could drive up the prices of imported goods in the American market.
