Fri, 14 Feb 2025

Fri, 14 Feb 2025 Trump launches plan to target countries with new tariffs

The US president ordered his staff to develop a response to countries with trade policies he says are unfair.

* US President Donald Trump has signed a memo instructing staff to develop custom tariffs for countries with trade policies that are unfair to the US.
* The tariffs will be reciprocal, meaning they match the rates imposed by other countries on US goods and services.
* The European Union is specifically mentioned as having trade policies that put US exporters at a disadvantage.
* Trump's plan aims to boost US manufacturing and investment, and he claims it will not increase prices for consumers in the long term.
* The memo asks staff to report back with a plan within 180 days, with Commerce Secretary nominee Howard Lutnick indicating they will meet this deadline by April 1st.
* Trade relationships with countries like India, Vietnam, and Thailand are expected to be impacted, as they have relatively high tariffs on US imports.
* The European Union has stated it is committed to maintaining a close partnership with the US, but will protect its interests if necessary.
* Tariffs are taxes on imports collected by governments, typically used to protect certain sectors from foreign competition.
* The US has an average tariff rate of 3.4%, compared to 5% in Europe, according to the WTO.
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