Higher U.S Tariffs For Canada, Mexico, China, Japan, India, and Germany
Treasury Secretary Scott Bessent informed legislators on Tuesday that U.S. President Donald Trump will slap the highest possible retaliatory tariffs on major trading partners on April 2 and that it will be up to the targeted nations to lower the penalties.
The White House muddied the waters by stating that their recommendations would include more levies like the Value Added Tax (VAT), which are unjust to American companies.
It has sparked a rush as companies and political figures attempt to gauge the potential size of the new tax their goods would be subject to and how whatever is announced on Wednesday will affect other tariffs already imposed by Trump, like those on steel and aluminum.
Any decrease in the duties that other nations charge on U.S. imports is anticipated to result in reduced U.S. tariffs, which Trump will base his tariffs on. Higher tariffs are projected for Canada, Mexico, China, Japan, India, and Germany.
For instance, European officials are expected to be slammed with a double-digit tariff on their exports. Earlier this year, Trump planned to impose a 25 percent import tax on goods from the bloc.
Bessent stated that Trump’s April 2 tariffs would function as a cap and that the targeted nations can enact policies to comply with American requests and lower the rate.
Trump stated that he would begin with universal tariffs and claimed that the tariffs would take effect immediately.
According to a Washington Post article, Trump plans to levy taxes on almost 20% of all imports into the US. The president of the United States has referred to April 2 as “liberation day” on numerous occasions, and on Wednesday, he is expected to unveil his most comprehensive tariffs to date.
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