President Trump on Wednesday announced "reciprocal tariffs" on roughly 60 countries, saying that it would help trade deficits that are "a national emergency."
A reciprocal tariff is a tax on U.S. imports that matches the duties that other countries charge on American exports. The Trump administration said it will impose these tariffs at roughly half the rate of duties charged by other nations. https://lnkd.in/gbrvBfn9
In short, chronic trade deficits are no longer merely an economic problem. They're a national emergency that threatens our security and our very way of life. It's a very great threat to our country. And For these reasons, starting tomorrow, the United States will implement reciprocal tariffs on other nations. It's been a long time since we. Even thought of that, we used to think about it a lot. We didn't think about it for many decades. And you see what's happened. For nations that treat us badly, we will calculate the combined rate of all their tariffs, non monetary barriers and other forms of cheating. And because we are being very kind, we're kind people, very kind. You're not so kind when you got ripped off with you salaries by auto worker friends in my Teamster friends and all of the unions that typically voted Democrat, they're not voting Democrat anymore because worker whether union or non worker. Therefore the Republicans now that's what happened. But we will charge them approximately half of what they are and have been charging us. So the tariffs will be. Not a full reciprocal. I could have done that, yes, but it would have been tough for a lot of countries. We didn't want to do that.
