US President Donald Trump said on Sunday that the reciprocal tariffs he will announce this week will include all countries, not just a small group of 10 to 15 countries with which the US has the largest trade imbalances.
Trump has promised to unveil a comprehensive plan to impose tariffs on Wednesday, calling the day “Liberation Day.” He has already imposed tariffs on aluminum, steel and cars, and has also increased tariffs on all imports from China.
Trump sees the tariffs as a way to protect the domestic economy from unfair global competition and a bargaining chip for better terms for the US.
But concerns about the trade war are roiling financial and commodity markets, raising fears of a US recession.
In recent weeks, stock prices on Wall Street and other major world exchanges have fallen sharply on uncertainty about the tariffs and fears of an escalation of the trade war, as a number of countries, including China, Canada and the EU, have announced countermeasures.
Trump has said he will impose a series of reciprocal tariffs against countries that impose tariffs on U.S. imports, promising to match those countries’ tariffs.
In February, Trump signed a memorandum instructing U.S. officials to review trade relations with all countries and come up with a list of appropriate countermeasures.
Last week, he suggested he might soften his plans, perhaps making exceptions in some cases or imposing lower tariffs than those those countries impose on U.S. imports.
The White House recently said the tariff plans could target the 10 to 15 countries with which the U.S. has the largest trade imbalances. Trump is now saying again that the reciprocal tariffs could apply to all countries, SEEbiz reports.
