Trump Signs Memorandum to Impose Reciprocal Tariffs on Foreign Countries
Yesterday evening, President Donald Trump signed a presidential memorandum outlining his plan to impose reciprocal tariffs on foreign countries. The Washington strongman specified that under this plan, the United States would consider other countries' non-tariff policies as unfair trade practices, justifying the imposition of tariffs in response. This includes value-added taxes (VAT).
Furthermore, Trump declared that foreign countries concerned would not be allowed to send goods or other articles to the United States through an intermediary country. He hinted that there would be additional tariffs, particularly on automobile imports. The reciprocal tariffs will not take effect immediately. It is Howard Lutnick, the White House candidate for Secretary of Commerce, who is currently leading studies to determine the appropriate tariff levels for each concerned country. These studies are expected to be completed by April 1, 2025.
The plan includes provisions related to subsidies, non-monetary customs tariffs, and trade barriers employed by other countries. According to the American President, the United States has helped many countries over the years at great expense. It is time for these countries to remember this and treat Americans fairly.
The new tariffs will follow those Trump has already imposed on China, Canada, and Mexico, as well as on steel and aluminum imports. For now, the tariffs applied to Canada and Mexico are on hold, as both countries have committed to combating illegal crossings and drug trafficking at their respective borders with the United States.
