Donald Trump on Thursday threatened to intensify economic attacks on some of America’s biggest trading partners, vowing to impose new tariffs on countries that target products made in the US within weeks.
The US will impose “mutual” obligations, the president announced. “We want a level playing field,” he declared in his oval office, stating that a “beautiful, simple system” of new US import duties that match those imposed by other countries. I pledged to unfold.
However, no new specific tariffs have been announced, but have triggered a relief rally on Wall Street. Instead, Trump has signed a presidential memorandum ordering to develop a comprehensive plan to address what the White House called a “long-standing imbalance” in the global economy.
If the US imposes high tariffs on foreign goods, Americans could face “short-term obstruction,” Trump acknowledged. “Prices could rise slightly in the short term,” he said. “But the prices are also going down.”
“It’s work to rise,” Trump insisted. “Work is very uptick.”
The US Department of Commerce, led by now billionaire Howard Lutnick, will conduct research in early April and report to the president. Trump suggested that exemptions would not be provided from the “mutual” obligations introduced under the new plan.
Trump’s latest bid is to strain Washington’s trade with countries around the world, and to make political and economic concessions for allies and rivals alike.
A press notification circulated by the Trump administration acted to “put American workers first, improve competitiveness in all sectors of industry, reduce trade deficits, and strengthen economic and national security.” I promised to wake up.
US officials pointed to a series of examples of tariffs and other trade barriers that they said showed how other countries weren’t treating the United States. They pointed to a 10% tariff on European Union cars, and argued that 48 state shells cannot be exported to the EU, along with a 2.5% U.S. tariff on cars, while the bloc “issue all the things they want from America.” Shellfish can be exported.”
They also cited the 100% tariffs imposed by India on US motorcycles, but the US only charges 2.4%, US ethanol charges 18% obligations in Brazil, and US 2.5% I’ll charge you.
Trump is scheduled to meet India’s prime minister, Narendra Modi, later on Thursday. To the reporter, he argued that the EU was “very troublesome,” adding that “they don’t treat us correctly in trade.”
He also suggested that if they attempt to weaken the US dollar, the US could be hit with 100% tariffs on the so-called BRICS alliance, including Brazil, Russia, India, China and South Africa.
Trump also called for Russia to return to the G7 group, saying that Moscow was wrong to be expelled. Russia was stopped from the group known as the G8 in 2014 after the annexation of Crimea and announced its permanent withdrawal in 2017.
The president and his allies believe that higher taxes on imports will help “make America great again,” but they also say that the mere threat of higher tariffs from the world’s largest economy will result in the nation being able to He claims that he can urge Trump to turn his will.
Trump had first promising news on Tuesday or Wednesday for several days, but claimed that he would announce mutual tariffs early on Thursday. He wrote on social media. No specific new tariffs were announced at the event.
The administration has so far threatened more tariffs than it has introduced. Colombia’s duties were shelved when it agreed to accept military aircraft carrying foreign aircraft. Jobs in Canada and Mexico have been repeatedly delayed. The changed steel and aluminum duties announced earlier this week will not take effect until next month.
For now, the only blackmailed trade attack that has actually been threatened since Trump returned to the White House is, for now, another 10% tariffs. On Friday, it was revealed that a critical component of this (removing the long-standing tax-free status of low-cost packages) is behind.
Trump’s lockdown on tariffs warns economists of imposition. They warn that their levy might derail his repeated promise to rapidly lower prices for millions of Americans.
Inflation has already proven stubborn. When Trump took office in January, it was etched at 3% per year. Egg prices have skyrocketed in recent months as many US consumers continue to tackle the cost of living.
Trump said he would not commission a study into how his outdoor tariffs affect prices for Americans. “There’s nothing to study,” he said. “It’s going to work.”
He was asked whether plans to adjust US tariffs with those imposed on other countries risk raising prices for US consumers. “When they drop tariffs, prices for Americans are falling,” he said.
Trump frequently highlights the US trade deficit with the world, the value of imports, is far greater than the value of exports, as evidence of inequality.
The “closed market” cut US exports and “open markets at home bring about large imports,” the White House notice said, claiming this has undermined the US’s competitive capabilities.
