President Trump announced a plan to implement tariffs on imported goods matching the rates imposed by other countries. He argues this will promote fairness in trade and potentially generate revenue for the U.S. government. However, the move could trigger retaliatory measures from trading partners, escalating the risk of a trade war.
President Donald Trump released a plan to increase U.S. tariffs to match the tax rates that other countries charge on imports on Thursday afternoon. "I’ve decided for purposes of fairness that I will charge a reciprocal tariff," Trump said in the Oval Office at the proclamation signing. "It’s fair to all. No other country can complain.
government while also creating negotiations that may improve trade.The president has levied tariff threats on Canada, Mexico, and China, inviting them to retaliate with import taxes of their own that could send the economy into a potential trade war.RELATED: Trump imposes sweeping steel, aluminum tariffsHe put an additional 10% tariff on Chinese imports due to that country's role in the production of the opioid fentanyl.
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