On April 2, US President Donald Trump announced introducing “reciprocal tariffs” for foreign countries. In the Rose Garden near the White House, Trump called the measures a “declaration of economic independence” for the United States.
He said that Washington would use the money from the tariffs to “cut taxes and pay down the national debt.” The president expects the tariffs to boost production, increase competition, and lower consumer prices.
“For years, hard-working American citizens have been forced to sit on the sidelines while other countries have grown rich and powerful, largely at our expense. But now it’s our turn to prosper,” Trump proclaimed.
Thus, the United States imposed a 25% duty on foreign cars. Later, tariffs on foreign-made auto parts are expected.
Donald Trump announced the introduction of duties of at least 10% on almost all goods imported to the United States. According to the US administration, higher rates will be applied to dozens of countries with the least fair trade relations with Washington.
The White House has released a complete list of countries subject to the duties. Ukraine will be subject to an essential duty of 10%. The list does not include Russia, Mexico, and Canada. A senior US official told CNN that the tariffs will take effect on the night of April 9.
Media reports say the new policy aims to restore the country’s manufacturing capacity. However, it is argued that these actions threaten to escalate the “emerging global trade war” and raise prices for Americans “at a time of economic uncertainty.”
