Trump signs reciprocal tariffs; more expected soon

Trump signs reciprocal tariff plan for foreign nations, hinting at more tariffs on imports, including autos, upcoming.

In Short

President Trump has announced reciprocal tariffs on countries that impose tariffs on U.S. goods, with further tariffs on auto imports expected soon. This follows previous tariffs on China, Canada, and Mexico, and has raised concerns about potential trade wars, particularly with the European Union.

He stated that if other countries impose tariffs on U.S. goods, the U.S. will respond in kind.

Trump announced that further tariffs, potentially on auto imports, are forthcoming. These tariffs won’t take effect for several months according to White House officials. This new measure follows previous tariffs on China, Canada, and Mexico, as well as on steel and aluminum imports.

Currently, tariffs on Canada and Mexico are paused due to commitments to curb illegal border crossings and drug trafficking.

Trump emphasized he intends to impose reciprocal tariffs on every country that levies import duties on the U.S.

He suggested that these measures are a straightforward approach to trade: if they charge us, we charge them. As a presidential candidate, he proposed the “Trump Reciprocal Trade Act” to allow him to impose tariffs on any country with higher tariffs on American goods.

He has also indicated plans to target the European Union, citing trade deficits and insufficient purchases of U.S. products.

EU leaders have warned that U.S. tariffs could lead to a trade war affecting all parties involved. The announcement of these tariffs came ahead of Indian Prime Minister Narendra Modi’s visit to the White House.