President Donald Trump has signed an executive order excluding some goods coming to the United States (US) from reciprocal tariffs, the White House said on Saturday, sharing a document of the presidential action.
The tariff exemptions kick in as soon as Monday and applies trading partners who strike deals on industrial exports such as nickel, gold and other metals, as well as pharmaceutical compounds and chemicals, as per the White House document.
Donald Trump's latest order identifies over 45 categories for zero import tariffs from "aligned partners" who “must conclude a deal with the United States that helps mitigate the national emergency relating to the trade deficit” to “earn a reduction of reciprocal tariffs”
“Today’s Order establishes the ‘Potential Tariff Adjustments for Aligned Partners’ (PTAAP) Annex, which contains the list of products for which the President may be willing to apply only the Most-Favored-Nation (MFN) tariff upon the conclusion of any future reciprocal trade and security deal,” a Factsheet on the order read.
The Factsheet on the order also mentions tariff actions Donald Trump has taken several “in the interests of the American people”, including: Imposing an additional 25 per cent tariff on imports from India in response to its continued purchase of Russian Federation oil.
{{/usCountry}}The Factsheet on the order also mentions tariff actions Donald Trump has taken several “in the interests of the American people”, including: Imposing an additional 25 per cent tariff on imports from India in response to its continued purchase of Russian Federation oil.
{{/usCountry}}The Factsheet also mentions a 20 per cent tariff on China to address the synthetic opioid supply chain, a 25 per cent tariff on Mexico to address the flow of illicit drugs across our southern border, and a 35 per cent tariff on Canada to address the flow of illicit drugs across our northern border.
“President Trump’s tariff policies have generated significant investment into the United States, strengthening the US economy while addressing unfair trade practices that have disadvantaged American workers for decades,” the White House document reads.
By imposing tariffs on countries with nonreciprocal trade practices, the White House says, Trump is “incentivising manufacturing on American soil and defending our industries”.
(With inputs from Reuters)