Trump prepares matching tariffs on trade partners, possibly setting up a major economic showdown
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1 month, 1 week ago

Trump prepares matching tariffs on trade partners, possibly setting up a major economic showdown

India TV News  

After taking over the office of the US Presidency, Donald Trump is taking additional action to upset the world trade system, with plans to sign an order this week that would require that US tariffs on imports match the tax rates charged by other countries. But when Tuesday passed without the tariffs being officially announced, Trump was not specific on his timing, telling reporters Wednesday afternoon: “I may do it later on, or I may do it tomorrow morning.” White House press secretary Karoline Leavitt said she believes that the tariffs would come before Thursday's visit by Indian Prime Minister Narendra Modi. A reciprocal tariffs order could amount to a substantial tax hike to be shouldered largely by US consumers and businesses as the Census Bureau reported that the country had total imports of $4. By signing the order, Trump would fulfil his long-standing pledge to raise taxes on most imported goods, a clear break with his recent White House predecessors who saw tariffs as either targeted tools to use strategically or barriers worth lowering.

History of this topic

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