US President Donald Trump has signed an executive order imposing reciprocal tariffs on US trading partners.
The move comes in response to tariffs imposed on US exports.
Speaking to reporters in the Oval Office, Trump said his order would seek to address value-added taxes (VATs) and non-monetary tariffs that other countries impose on US goods.
He added that goods made in the United States (US) would be exempt from his order.
“This should have been done years ago. Tariffs are good, tariffs are actually great,” Trump said.
Trump announced on Monday that the United States would impose 25 percent tariffs on all steel and aluminum imports without exceptions. The measure will affect imports from a number of countries, especially major trading partners such as Canada, Mexico and European countries that are key suppliers of metals to the US market.
Chinese authorities have said they will impose tariffs on certain US products.
Beijing will impose tariffs of 10 to 15 percent on some US products starting on February 10, Chinese media reported, AA writes.
