United States President Donald Trump has introduced a new trade policy to impose reciprocal tariffs on all U.S. trade partners, ensuring that foreign countries charge the same tariffs that the U.S. imposes on them.
Trump stated that the policy aims to restore fairness in global trade, which he described as previously complex and unfair.
"For purposes of fairness, I will charge a RECIPROCAL Tariff, meaning whatever countries charge the United States of America, we will charge them – no more, no less!" Trump said in a statement on Monday.
He explained that the policy would also consider countries that use the VAT system, which he described as more punitive than tariffs. He warned that sending goods through another country to bypass fair trade rules would not be accepted.
"Sending merchandise, products, or anything else through another country to unfairly harm America will not be accepted," he said.
The policy will also account for subsidies given by foreign governments to exploit the U.S. market, as well as non-monetary tariffs and trade barriers that restrict American products and businesses.
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"We are able to accurately determine the cost of these non-monetary trade barriers," Trump noted. "If a country feels that the United States would be getting too high a tariff, they can reduce or terminate their tariff against us."
Trump emphasized that there would be no tariffs on products manufactured or built in the United States, reinforcing his administration's "America First" economic policy.
"For many years, the U.S. has been treated unfairly by other countries, both friend and foe. This system will immediately bring fairness and prosperity back into the previously complex and unfair system of trade," he said.
He also stressed the financial support that the U.S. has provided to many countries over the years and called for fair treatment in return.
"I have instructed my Secretary of State, Secretary of Commerce, Secretary of the Treasury, and United States Trade Representative (USTR) to do all work necessary to deliver RECIPROCITY to our system of trade," he said.
During the signing of the proclamation in the Oval Office, Trump reiterated his commitment to fairness.
"It's fair to all. No other country can complain," he said.
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