President Donald Trump has declared that the reciprocal tariffs he plans to announce this week would apply to all countries, not just the 10 to 15 that have the largest trade imbalances.
Trump has declared Wednesday to be “Liberation Day,” and he plans to unveil a massive tariff plan on that day. In addition to raising tariffs on all Chinese goods, he has already placed tariffs on steel, aluminum, and automobiles, NBC News reported.
“You’d start with all countries,” he told reporters aboard Air Force One. “Essentially all of the countries that we’re talking about.”
Although he did not name them, White House economics adviser Kevin Hassett recently told Fox Business that the administration would target 10 to 15 nations with the worst trade imbalances with tariffs.
Trump views tariffs as a tool for negotiating better terms for the United States and a means of shielding the home economy from unfair international competition.
Real-time updates on the Trump administration: The president claims that all countries will be subject to reciprocal tariffs. But worries about a trade war are causing markets to tremble and raising the possibility of a U.S. recession.
Trump has pledged to match the duties imposed by countries that impose fees on U.S. exports and has stated that he will implement a series of reciprocal tariffs against those countries.
