Donald Trump has informed Republican lawmakers that he plans to introduce new tariffs on imported goods as soon as today.
The proposed reciprocal tariffs are designed to fulfil a campaign promise by imposing tariffs on American imports at levels equivalent to those applied by trading partners on U.S. exports. Details on which countries might be affected have not yet been released.
According to sources, Trump outlined these plans during budget discussions at the White House on Thursday. The president and his aides have explained that higher tariffs on foreign imports would help raise funds to support an extension of the 2017 tax cuts.
However, generating substantial revenue from tariffs may prove challenging, as they have historically contributed only about 2% to annual revenue.
This announcement comes just a day after Jamieson Greer, Trump’s nominee for U.S. Trade Representative, emphasized the need for better market access for U.S. companies in some of America’s largest trading partners, including Vietnam.
“We have many trading partners that enjoy significant access to the U.S. market, yet we lack reciprocal access in theirs,” Greer stated. “This is a major problem for our workers.”
Previously, on Saturday, Trump had announced tariffs of 25% on imports from Canada and Mexico but later postponed their implementation following a negative reaction from investors. In response, the two largest U.S. trading partners agreed to enhance border enforcement, a key priority for Trump.
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