US President Donald Trump has announced plans to impose new tariffs on exports from countries he claims maintain unfair trade practices that disadvantage the United States.
On Thursday, Trump signed a directive instructing his team to craft a tariff policy tailored to each trading partner. The plan will consider factors such as current tariff levels, currency exchange rates, trade surpluses, and other relevant regulations.
The White House clarified that tariffs alone are not the primary concern. Officials specifically pointed to certain European Union policies that, they argue, create barriers for American exporters and hinder fair competition.
Although details remain unclear, the move is expected to spark international discussions about trade practices and potential retaliatory measures.
Howard Lutnick, the president's nominee for Commerce Secretary, confirmed that his team aims to deliver a final proposal by April 1.
President Trump characterized the initiative as part of his broader effort to stimulate domestic investment and revitalize American manufacturing. He has repeatedly stressed the importance of creating a level playing field for US businesses in the global market.
As the clock ticks toward the deadline, global trade partners will be watching closely, with many expected to respond to any measures targeting their exports.
"If you build your product in the United States, there are no tariffs," he said, adding that he was "just doing what was fair".
"In almost all cases, they're charging us vastly more than we charge them but those days are over," he said. "This should have been done a long time ago."
Trump's actions are anticipated to influence trade relationships beyond the European Union, particularly with countries like India, Vietnam, and Thailand, which have relatively higher tariffs and depend heavily on the US as a key export market.
The memo was signed just before Trump's meeting with Indian Prime Minister Narendra Modi, who had already implemented tariff reductions on certain goods, such as motorcycles—an issue Trump had highlighted during his first term.
Despite these adjustments, Trump reiterated his stance on imposing reciprocal tariffs on Indian imports during a joint press conference with Modi on Thursday, stating, "Whatever India charges us, we charge them."
Meanwhile, officials in Thailand and Vietnam have recently indicated they are reviewing their trade relations with the US in response to these developments.
Ahead of Trump's announcement, the European Union said it was committed to "maintaining a close partnership with the US".
"We will continue to seek constructive engagement," Olof Gill, the commission's spokesperson for trade said. "At the same time, we stand ready to protect our interests."
On Thursday, Trump signed a directive instructing his team to craft a tariff policy tailored to each trading partner. The plan will consider factors such as current tariff levels, currency exchange rates, trade surpluses, and other relevant regulations.
The White House clarified that tariffs alone are not the primary concern. Officials specifically pointed to certain European Union policies that, they argue, create barriers for American exporters and hinder fair competition.
Although details remain unclear, the move is expected to spark international discussions about trade practices and potential retaliatory measures.
Which Countries Might Be Affected?
The directive requires officials to present a comprehensive "reciprocal trade and tariff" strategy within 180 days.Howard Lutnick, the president's nominee for Commerce Secretary, confirmed that his team aims to deliver a final proposal by April 1.
President Trump characterized the initiative as part of his broader effort to stimulate domestic investment and revitalize American manufacturing. He has repeatedly stressed the importance of creating a level playing field for US businesses in the global market.
As the clock ticks toward the deadline, global trade partners will be watching closely, with many expected to respond to any measures targeting their exports.
"If you build your product in the United States, there are no tariffs," he said, adding that he was "just doing what was fair".
"In almost all cases, they're charging us vastly more than we charge them but those days are over," he said. "This should have been done a long time ago."
Trump's actions are anticipated to influence trade relationships beyond the European Union, particularly with countries like India, Vietnam, and Thailand, which have relatively higher tariffs and depend heavily on the US as a key export market.
The memo was signed just before Trump's meeting with Indian Prime Minister Narendra Modi, who had already implemented tariff reductions on certain goods, such as motorcycles—an issue Trump had highlighted during his first term.
Despite these adjustments, Trump reiterated his stance on imposing reciprocal tariffs on Indian imports during a joint press conference with Modi on Thursday, stating, "Whatever India charges us, we charge them."
Meanwhile, officials in Thailand and Vietnam have recently indicated they are reviewing their trade relations with the US in response to these developments.
Ahead of Trump's announcement, the European Union said it was committed to "maintaining a close partnership with the US".
"We will continue to seek constructive engagement," Olof Gill, the commission's spokesperson for trade said. "At the same time, we stand ready to protect our interests."
