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Donald Trump adamant on April 2 reciprocal tariff plan, vows ‘liberating day for US’
Trump said he is getting back some of the wealth that ‘very, very foolish presidents gave away because they had no clue what they were doing’
Donald Trump said on Sunday that he has no intention to create exemptions on steel and aluminium tariffs and said that reciprocal tariffs on US trade partners will be imposed on April 2 alongside sectoral tariffs.
Reciprocal tariffs would mean that the Trump administration would impose tariff rates on imports into the US based a calculation incorporating tariff and non-tariff barriers its exports face in other countries.
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Trump has repeatedly emphasised that he does not intend to spare any county from his trade actions. “April 2 is a liberating day for our country. We’re getting back some of the wealth that very, very foolish presidents gave away because they had no clue what they were doing,” he said on Sunday.
“They charge us, and we charge them and then in addition to that on autos on steel on aluminium we are going to have additional tariffs,” the US president added.
The US has slapped a 20% tariff rate on China and a 25% levy on steel and aluminium. 25% tariff on Canadian and Mexican goods have been suspended on March 6 following a one-month concession to automakers under the North American trade deal.
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White House press secretary Karoline Leavitt had said that the suspension was announced after Trump spoke with the “big 3” automakers, Ford, General Motors, and Stellantis, and asked them to move production lines to the US from Canada and Mexico.
India on Trump tariffs
In his first address of his second term at a joint session of the Congress, Trump named countries which he believes charges “very high” and “unfair” tariffs on US goods and vowed to slap reciprocal tariffs. “India charges us auto tariffs higher than 100 percent,” he said.
The BJP-led NDA government informed Parliament last Tuesday that, as of date, the United States has not imposed reciprocal tariffs on India and maintained that the two sides are planning to negotiate a trade agreement that will focus on increasing market access, reducing import duty and non-tariff barriers, and enhancing supply chain integration.
