Switch the White House newsletter on free of charge
Your guide to what the US election 2024 means for Washington and the world
On Thursday, Donald Trump presented a comprehensive plan to impose “mutual” tariffs for America’s trading partners and left a major disturbance in the global economy.
In a broad side that is directed against both US allies and opponents Tariff On the basis of land to country as retaliation against taxes, regulations and subsidies that are considered unfair by Washington.
Officials of the White House and Trump warned that trading partners Brazil, India, Japan, Canada and the EU are the risk of being met by additional tariffs.
However, an official said that the administration with which the United States had the largest trade deficits that Mexico and China would include before they imposed the new taxes.
“I decided to make a mutual tariff, which means whatever the countries in the United States demand,” said Trump. “In almost all cases, they calculate us considerably more than we calculate them, but these days are over.”
Mutual tariffs could be raised on April 2, which accelerates the efforts in the capitals around the world to start negotiations with Washington to prevent their implementation.
The dollar weakened on Friday compared to a currency basket, including euros and yen, slightly weakened and reached an almost three -week deep. It has fallen by more than 1 percent since the beginning of the week, while the 10-year-old US Ministry of Finance nudged up to 4.535 percent.
Barclays analysts said in a note published on Friday: “While the global financial markets may be inclined to relieve themselves of the delay. . . It is not clear to us whether the delay necessarily reflects a lower probability that they are ultimately imposed. “
Trump’s most recent tariff plan was unveiled in a week in which he was transformed the geopolitical landscape Renewed pressure to end the war in Ukraine with calls from Russian President Vladimir Putin and Ukraine President Volodymyr Zelenskyy.
When he drove Narendra Modi, India’s Prime Minister, host, Trump criticized traditional US allies and seemed to extend an olive branch to strategic enemies such as China and Russia. Trump even invited Russia to join the G7 group of the wealthy nations again after it was suspended in 2014 because of its annexation of the Crimea.
“It’s not about liking Russia or don’t like Russia,” said Trump reporters in the Oval Office. “Everything you are talking about is Russia and you should sit at the table. I think Putin would like to be back. “
Trump said he would include Kyiv in all negotiations with Putin about the end of the war. He added that he would have additional discussions with China and Russia about defense spending to reduce the defense budget of USD 850 billion.
He said he thought the USA and China could have “a very good relationship” and added: “I think. “”
The president had particularly sharp words for the EU and described the long-term US ally as “very bad”. He criticized the block about the value creation regime, the digital service tax and the efforts to shorten American technology companies in court.
“The European Union was very hard in our companies,” said Trump. “They sued Apple, sued Google, they sued Facebook, they sued many other companies and they are American companies. . . The court system there is not very good for our companies. “
During her meeting in the White House, Trump welcomed Modi as a “very special man” and spoke of the “special bond” between India and the USA.
However, he also criticized New -Delhi for his high tariffs and announced measures to increase US oil and gas and defense sales to India With the aim of reducing the deficit that exceeded USD 35 billion last year.
Trump said he and modes “negotiations to combat the long -term differences that should have been cultivated in the past four years” would begin to sign a trade agreement.
Trump’s mutual tariff plan would contradict many of the defined rules of global trade. Officials from the White House said they could use different legal powers to implement mutual taxes such as section 301 of the Commercial Act and the International Emergency Economic Powers Act to avoid congress.
Trump said that he intended to “” over “the mutual tariffs against cars, chips and pharmaceuticals. He has already applied taxes of 10 percent to all Chinese imports and Customs of 25 percent on all steel And aluminum imports will come into force next month.
Additional reporting by John Reed in Neu -Delhi and Arjun Neil Alim in Hong Kong
Stay Ahead of the Curve!