Washington: President Donald Trump said on Wednesday that he is imposing mutual tariffs to match tasks set on us by other countries in a step that ratchets up a trade war that he started at his return to the White House.
The sweeping tasks would build new barriers across the world’s largest consumer economy and turn decades of trade liberalization that have shaped the global order. Commercial partners are expected to respond with their own countermeasures that can lead to dramatically higher prices for everything from bicycles to wine.
“That’s our Declaration of Independence,” Trump said at an event at the White House Rose Garden.
Details of tariffs were not immediately known as Trump continued remarks that repeated his long -standing complaints that US workers and businesses are being injured by global trade.
The uncertainty has rattled financial markets and companies that have been dependent on trade schemes that have been in place since 1947.
The administration has said that the new tariffs will take effect immediately after Trump announces them, although it has not yet published the official announcement required for enforcement.
However, the administration announced an official announcement that a separate set of tariffs on autoimport, which Trump announced last week, will take effect from April 3.
Trump has already imposed 20% duties on all imports from China and 25% duties on steel and aluminum and expanded them to almost $ 150 billion downstream products.
His advisers say the tariffs will return strategically important production functions to the United States.
Outside economists have warned that tariffs could slow down the global economy, increase the risk of recession and increase the cost of living for the average American family with thousands of dollars. Companies have complained that Trump’s threat barrier has made it difficult to plan their operations.
Tariff -Chydrums have already slowed down the manufacturing activity across the globe, while also spuring the sale of cars and other imported products when consumers rush to make purchases before prices rise.
