U.S. President Trump launches 'reciprocal tariffs' targeting allies and adversaries
The Hindu
Donald Trump announces reciprocal tariffs on allies and competitors, sparking fears of inflation and trade war escalation.
US President Donald Trump announced plans Thursday for sweeping "reciprocal tariffs" hitting both allies and competitors, in a dramatic escalation of an international trade war that economists warn could fuel inflation at home.
Speaking in the Oval Office, Trump said he had decided to impose the reciprocal duties, telling reporters that US allies were often "worse than our enemies" on trade issues.
The levies would be tailored to each US trading partner and consider factors including value added tax (VAT).
Trump has announced a broad range of tariffs targeting some of the biggest US trading partners since taking office, arguing that they would help tackle unfair practices -- and in some cases using the threats to influence policy.
The president has referred to tariffs as a way to raise revenue, remedy trade imbalances and pressure countries to act on US concerns.
Trump's announcement came hours before he was due to meet Indian Prime Minister Narendra Modi in Washington.
It remains unclear when exactly the tariffs would take effect, if imposed.
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