President Donald Trump signed a mutual tariff memorandum on Thursday in the Oval Office, and laying the basis for a new trade policy belonging to foreign countries that impose tariffs or commercial barriers on American goods.
“They impose on us a tax or a tariff, and we receive them,” Trump said During the signing event, he explained that the United States no longer plays defense in world trade.
The plan targets countries that impose non -transmitted commercial barriers, including VATS taxes (VATS), which the administration believes to create an unfair advantage for foreign companies. The American Trade Representative Office has been assigned to review these policies to identify countries that will face a retaliatory tariff. Trump has also announced that countries will not be allowed to ship goods to the United States through third -party countries to overcome these definitions.
Trade Secretary to supervise customs tariff studies
In The OVAL, Trump confirmed that Howard Lootnick, the Minister of Commerce, will lead the effort to determine the tariff levels for each affected country. “We want a flat stadium,” Trump said, stressing that the United States will not tolerate commercial deals unilaterally. Lutnick expects a full report by April 1, after which the customs tariff will be implemented accordingly.
Shortly after the announcement, Trump took over the social truth, saying that the plan will also address foreign subsidies and non -cash commercial barriers that deprive American industries. America has helped many countries over the years, at a large financial cost. It is now time to remember these countries, and we treated us fairly. “
The mutual definitions come in the wake of the previous Trump trade measures, including the customs tariff for China, Canada and Mexico, as well as its duties on steel and aluminum imports. Definitions on Canada and Mexico are still pending, as both countries have agreed to intensify efforts against illegal border crossings and drug trafficking.
The European Union and global markets interact
European countries are definitely the next in the Trump list. He has repeatedly criticized the American trade deficit with Europe and called on the European Union for not buying enough American cars and agricultural equipment. Nevertheless, European leaders have warned that any American tariff would meet revenge.
The markets responded with caution of Trump’s mutual tariff plan. During the daytime session, the S&P 500 increased by 1.04 %, while the NASDAC boat increased by 1.5 %, and the Dow Jones industrial rate increased by 0.77 %, reaching the exact four -time session levels.
The US Treasury’s return decreased for 10 years, nine basis points, while the revenues of Australian bonds and New Zealand also decreased early on Friday. The US dollar fell 0.7 % against its peers in the advanced market, while the yen rose by 1.1 % in Thursday trading. The Canadian dollar has reached the highest new level for this year, as investors speculated how Trump’s identification plan affected the North American trade.
The timing of the Trump signature event came a few hours ago, the Indian Prime Minister Narendra Moody is scheduled to visit the White House. India has long faced accusations of imposing trade policies restricted to American goods, and Moody’s meeting with Trump was expected to address the case. Whether India will seek exemptions or revenge are still unclear.
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