Trump announces mutual tariffs for “the purpose of fairness”
President Donald Trump announced plans for “mutual” tariffs on countries that tax or restrict the market for U.S. goods on Thursday. (X/Margo Martin)
president Donald Trump On Thursday, the US signed a plan to consider implementing “mutual” tariffs on countries that tax or restrict the market for American goods.
Trump said he does not expect exemptions or exemptions from plans that could apply to both his enemy and allies.
“In trade, I have decided to charge mutual tariffs for fair purposes. That is, the countries that charge the United States of America will not charge any more. That is, they will either tax or charge us, or Customs and we charge them the exact same tax or duties,” he said. White House.
President Donald Trump will sign a series of executive orders at the White House’s oval office on Monday. (Andrew Harnik/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 President Trump’s memorandum ordered US trade representatives to investigate and counter incompatible trade among all of their trading partners. Representatives identify the trade agreement at a certain location Important trade deficits That’s unfair to the US
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White House officials said Commerce Secretary Howard Lutnick and US trade representative have submitted reports detailing tariffs for each country and are previewing the announcement. The study will be completed by April 1st, Lutnik said.
Officials said Russ Vote, Director of Management and Budget Office (OMB) will spend 180 days preparing a report assessing the financial impact.
The truck passes through the Blue Aqueduct Bridge at the border that intersects the US in Sarnia, Ontario. (Geoff Robins/AFP Via/Getty Images)
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According to sources, what is stated in the memo is that Brazil will tax US ethanol at 18%, while the US will tax ethanol imported from Brazil at just 2.5%.
Critics say tariffs could raise prices for American consumers. The Trump White House sees tariffs as leverage in economic and foreign policy negotiations and as a tool to bring businesses back to the US
Howard Lutnick, president of President Donald Trump’s candidate for Secretary of Commerce. (Kayla Bartkowski)
Trump on Thursday said prices could rise in the short term, but in the long term, “it will make our country a big buck.”
He said “many” CEOs love the idea of tariffs despite some concern with Wall Street about the impact on trade.
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Trump stressed that businesses can avoid tariffs by bringing operations to the US
“I’ll tell you what goes up for you,” he said. “Work is very uptick. We’re going to do great work, work for everyone. This is something that should have been done years ago.”
Fox Business’s Hillary Vaughn contributed to this report.