After the US president left it unclear who would be targeted but pledged to be “very kind” in fixing what he claims are unfair trade imbalances, US trading partners rushed Tuesday to get ready for the latest round of Donald Trump tariffs.
Trump, who has been abusing his presidential authority since January, claimed he may make the announcement on the precise nature of the “reciprocal tariffs” as early as Tuesday night.
The Republican millionaire claims that the largest economy in the world has been “ripped off by every country in the world,” and he is calling for “Liberation Day” for the US.
Asked for details, he told reporters Monday: “You’re going to see in two days, which is maybe tomorrow night or probably Wednesday.”
But he added: “We’re going to be very nice, relatively speaking, we’re going to be very kind.”
Major trading partners like China, Canada, and the European Union may retaliate in a chain reaction, critics fear, threatening to start a global trade war.
China, South Korea, and Japan decided over the weekend to increase their free trade with one another.
Although he added that a TikTok agreement might possibly be linked to China tariffs, Trump stated he was not concerned the levies would drive allies closer to Beijing.
The objective on Wednesday, according to White House Press Secretary Karoline Leavitt, would be to announce “country-based tariffs,” even though Trump is still committed to enacting distinct, industry-specific levies.
The Wall Street Journal reported that Trump’s advisers pitched imposing a 20 percent global tariff to hit almost all US trading partners. Trump has remained vague, saying his tariffs would be “far more generous” than ones already levied against US products.
The uncertainty has jolted markets, hammering equities across the board and stoking recession fears. Asian stocks, which fell sharply Monday after Trump said his tariffs would include “all countries”, rebounded somewhat Tuesday after his promises to be “nice”.
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