Trump announces mutual tariffs for “the purpose of fairness”

president Donald Trump On Thursday, the US announced it was implementing “mutual” tariffs on countries that tax or restrict the market for American goods.

“In trade, I have decided to charge mutual tariffs for fair purposes, meaning that we will charge the country that charges the United States of America, which means that we will charge taxes or tariffs. , we charge them the exact same taxes or duties,” Trump said. White House.

President Donald Trump will sign a series of executive orders at the White House’s Oval Office on February 10th. (Andrew Harnik / Getty Images / Getty Images)

“In almost every case, they charge us much more than we charge them, but those days are over,” Trump added.

A source familiar with the plan told Fox Business that Trump will sign a memorandum of understanding from the president ordering US trade representatives to investigate and counter non-renewal trade across all of his trading partners. Representatives identify trade agreements with significant trade obstacles that are unfair to the US

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The memo mentions that, according to sources, Brazil taxes US ethanol at 18%, while the US taxes ethanol imported from Brazil at just 2.5%.

Fox Business’s Hillary Vaughn contributed to this report.

This is a developing story. Please check for updates.