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US President Donald Trump signed a memorandum on Thursday with the reciprocal trade tariffs as he he had been saying for a while. Trump signed the memo calling for ‘Fair and reciprocal’ trade tariffs on all major trading partners with the US, including longtime allies.
Howard Lutnick, Trump’s nominee for commerce secretary, and Jamieson Greer, his global trade representative, to assess within 180 days in a country-by-country report if they need any remedies to ensure reciprocal trade.
‘I’ve decided, for purposes of fairness, that I will charge a reciprocal tariff, meaning whatever countries charge the United States of America. In almost all cases, they’re charging us vastly more than we charge them but those days are over,’ said Donald Trump.
In addition to these reciprocal taxes, Trump assured that there would be additional taxes on cars, semiconductors, and pharmaceuticals, which would be announced at a later point.
The top 10 trading partners of the US in 2024 include, Mexico, China and Canada with over 42% of total US imports, followed by Germany, Japan, Vietnam, South Korea, Taiwan, Ireland and India.
Tags Donald Trump Reciprocal Tariffs
