The Trump administration plans to announce reciprocal tariffs on April 2, affecting all U.S. trade partners. These new tariffs aim to rectify unfair trade practices and include a 25% auto import tariff effective April 3. Responses from affected countries, particularly India and Canada, indicate a mix of negotiation strategies and potential retaliation amidst ongoing trade tensions.
On April 2, the Trump administration is anticipated to announce new “reciprocal tariffs,” impacting all U.S. trade partners. White House spokesperson Karoline Leavitt emphasized the president’s commitment to addressing long-standing unfair trade practices. The specific details regarding the tariffs were not disclosed, but immediate effects are expected.
Leavitt revealed that new tariffs will target nations imposing high duties on U.S. goods, with a significant 25% tariff on auto imports commencing on April 3. As Trump meets with his advisors, there seems to be an emphasis on ensuring the announcement is well-prepared.
Countries affected by the tariffs, including India, are currently strategizing amidst the uncertainty posed by Trump’s trade policies. India’s government is actively negotiating a bilateral trade agreement with the U.S., despite public assertions from Trump regarding expected reductions in New Delhi’s tariffs.
Reportedly, U.S. Treasury Secretary Scott Bessent indicated that this new tariff announcement may set a ceiling on tariffs for trading nations, which could be adjusted as countries respond to U.S. demands. Each country’s tariff levels would be contingent upon Trump’s decisions.
The Washington Post indicated that Trump’s aides are considering a universal tariff raise of around 20% on imported goods from all nations, with an estimated $6 trillion revenue potentially being rebated back to affected industries. Meanwhile, the Wall Street Journal noted that a more uniform tariff across specific nations might be instituted rather than a broad 20% rate.
Amidst these developments, international responses have emerged. Canada has indicated a readiness to impose its own tariffs in retaliation to U.S. actions, while EU chief Ursula von der Leyen expressed the bloc’s preference for negotiation yet underscored its readiness to protect its economic interests.
In conclusion, the impending announcement of new reciprocal tariffs by the Trump administration is set to significantly impact global trade, particularly with countries such as India and Canada. With various strategies in play, nations are bracing themselves for changes while asserting their commitment to negotiating fair trade agreements. The outcomes of this policy shift could have long-lasting implications on international trade relationships and economic stability.
Original Source: www.hindustantimes.com
