Trump's new tariffs set to reshape global trade dynamics
President Donald Trump announced on Sunday that the reciprocal tariffs to be unveiled this week will apply to all countries with which the USA maintains trade relations.
The American leader announced the presentation of an extensive plan on customs policy on Wednesday, which he called "Liberation Day." So far, the US administration has imposed tariffs on aluminum, steel, and cars, as well as increased tariffs on all goods imported from China.
— You’d start with all countries. Essentially all of the countries that we’re talking about, — President Trump stated, as quoted by Reuters, during a conversation with reporters on board Air Force One. He added that he plans to introduce a package of reciprocal tariffs against countries that charge fees for exports from the USA, in order to equalize their level.
In February, President Trump signed a memorandum instructing subordinates to conduct analyses for individual countries and prepare a list of appropriate remedial measures. As he mentioned last week, he may limit his plans by imposing tariffs in some cases at a lower level than those used by other countries against the USA.
Experts cited by ABC News previously warned that the new tariffs could exacerbate the global trade war, raising the prices of many consumer goods and increasing the risk of economic slowdown.
Last year, the USA 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 could lead to increased prices of imported goods in the American market.
