Trump's 'Liberation Day' tariffs to reshuffle global trade
President Donald Trump announced on Sunday that the reciprocal tariffs, which are set to be unveiled this week, will apply to all countries with which the USA has trade relations.
The American leader revealed the presentation of an extensive plan regarding tariff policy on Wednesday, which he named "Liberation Day." So far, the US administration has imposed tariffs on aluminum, steel, and cars and increased tariffs on goods imported from China.
"You'd start with all countries. Essentially all of the countries that we're talking about," stated President Trump, quoted by Reuters, during a conversation with reporters aboard 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, aiming to match their levels.
In February, President Trump signed a memorandum directing officials to conduct analyses for individual countries and prepare a list of appropriate countermeasures. As he suggested last week, he might limit his plans by imposing tariffs at a lower level in some cases than those other countries that apply to the USA.
Experts cited by ABC News had previously warned that the new tariffs could escalate the global trade war, potentially raising the prices of many consumer goods and increasing the risk of an economic slowdown.
Last year, the USA recorded the biggest trade deficit with China, the European Union, Mexico, Vietnam, Taiwan, Japan, South Korea, India, and Canada. ABC News emphasizes that reciprocal tariffs could lead to increased prices of imported goods in the American market.
