President Donald Trump said he will announce reciprocal tariffs next week that would allow the U.S. to impose tariffs equal to those other countries impose on U.S. goods—the latest move that could push the U.S. closer to a trade war.
President Donald Trump looks on during a meeting with Japanese Prime Minister Shigeru Ishiba in the ... [+]
Trump made the announcement in a meeting with Japanese Prime Minister Shigeru Ishiba at the White House on Friday, after telling Republican lawmakers on Thursday he could announce the plans as soon as the following day, Reuters reported, citing three unnamed sources.
Trump did not say which countries would be targeted or divulge details on the plan.
Trump has long promised to impose reciprocal tariffs, pledging on his campaign website that he will work with Congress to pass “the Trump Reciprocal Trade Act” that will give other countries “two choices—they’ll get rid of their tariffs on us, or they will pay us hundreds of billions of dollars, and the United States will make an absolute FORTUNE.”
A group of House Republicans, led by Rep. Riley Moore, R-W.Va., introduced legislation last month that would give Trump unilateral authority to assign reciprocal tariffs, though he would be required to notify Congress, which could pass a resolution disapproving the move.
Trump’s 10% tariff on Chinese imports went into effect Tuesday, while 25% tariffs against Canada and Mexico were put on pause for 30 days amid border negotiations with both countries. All three countries have pledged to retaliate against the U.S. China said it would impose a 15% tariff on U.S. coal and natural gas imports, plus a 10% tariff on crude oil, agricultural machinery, large cars and pickup trucks.