Trump signed a memo calling on his administration to determine «the equivalent of a reciprocal tariff with respect to each foreign trading partner.»
President Donald Trump on Thursday signed a memo calling on his administration to determine «the equivalent of a reciprocal tariff with respect to each foreign trading partner.»
«In other words, we’re going to customize the reciprocal tariff based on individual trading nations, and that will depend on their profile», a senior administration official said on a call with reporters previewing the action.
This means the administration plans to impose tariffs on other countries that match the duties they impose on American products. The senior official says this allows the U.S. to «customize» the tariff to each trading partner based on their actions.
Trump previously announced tariffs on China, Mexico and Canada. While the 10% tariffs on China have been imposed, Trump paused the 25% tariffs on Canada and Mexico. Trump has also announced 25% tariffs on steel and aluminum that are expected to take effect next month.
Many economists warn tariffs will likely raise the prices of goods for consumers, worsening inflation that already rose faster than expected in January.
