Trump's tariff shake-up could jolt global economy
White House advisors have prepared a proposal to impose approximately 20% tariffs on most imports to the U.S., the "Washington Post" reported on Tuesday, citing three sources. Experts warn that implementing this plan could disrupt the global economy.
Representatives in Washington emphasized that there are several tariff proposals on the table, and a final decision has not yet been made.
One option involves imposing uniform tariffs on goods imported from almost every country. Alternatively, different tariff rates could be applied to individual countries. It seems that Trump leaned towards this approach on Monday, stating: "What they impose on us, we will impose on them."
Earlier, on Sunday, Trump announced that the reciprocal tariffs to be announced this week will cover all countries maintaining trade relations with the U.S.
You'd start with all countries. Essentially, all of the countries that we're talking about, the president declared. He added that he plans to introduce a package of reciprocal tariffs against countries that charge fees for U.S. exports to level the playing field.
The American leader announced that a comprehensive plan on customs policy would be presented on Wednesday, which he called "Liberation Day." So far, the U.S. administration has imposed tariffs on aluminum, steel, and cars and raised tariffs on all goods imported from China.
Sources close to the matter conveyed that Trump might change his mind, although he has recently advocated for broad tariffs, considering it a simpler solution.
"The most aggressive actions regarding tariffs"
Despite many details remaining unknown, even to Trump himself, "America's Liberation Day" could represent the "most aggressive" action in the field of tariffs, undertaken by the "president with the greatest obsession with tariffs in modern history," as CNN assessed on Tuesday.
Last year, the U.S. recorded the largest trade deficit with China, the European Union, Mexico, Vietnam, Taiwan, Japan, South Korea, India, and Canada. ABC News emphasizes that reciprocal tariffs may increase the prices of imported goods on the American market.
