On Thursday, U.S. President Donald Trump signed a memorandum enforcing reciprocal trade tariffs, a policy he has long advocated. The move aims to ensure fair and balanced trade relationships with all major trading partners, including longtime allies.
As part of this directive, Howard Lutnick, Trump’s nominee for Commerce Secretary, and Jamieson Greer, his Global Trade Representative, have been tasked with conducting a country-by-country assessment within 180 days. Their report will determine whether additional measures are needed to establish reciprocity in trade practices.
“For the sake of fairness, I have decided to implement reciprocal tariffs, meaning we will charge other countries the same tariffs they impose on the United States. In most cases, they have been charging us significantly more, but those days are over,” Trump stated.
In addition to these reciprocal tariffs, Trump announced plans for further taxation on key industries, including automobiles, semiconductors, and pharmaceuticals. Details on these additional taxes will be revealed at a later date.
The top 10 trading partners of the U.S. in 2024 include Mexico, China, and Canada, which together account for over 42% of total U.S. imports. Other major trading partners include Germany, Japan, Vietnam, South Korea, Taiwan, Ireland, and India.
Recent Random Post:
సుధీర్ కొంచెం కూడా సపోర్ట్ చేయలేదు! Heroine Divya Bharat Comments Sudheer | #GOAT
సుధీర్ కొంచెం కూడా సపోర్ట్ చేయలేదు! Heroine Divya Bharat Comments Sudheer | #GOAT
