United States President Donald Trump signed an executive order establishing reciprocal tariffs on Thursday, pledging to impose levies on foreign goods equal to the tariffs other countries charge on American products.
"No more, no less. In other words, they charge us on tax or tariff and we charge them the exact same tax or tariff. Very simple," Trump told reporters in the Oval Office upon signing the order. The president asserted that other nations impose significantly higher tariffs on the United States than Washington does on them, further noting that the White House will treat countries that use a value-added tax (VAT) system as imposing tariffs. Trump's Commerce Secretary nominee, Howard Lutnick, announced a review to set levy levels for affected countries, expected by April 1.
Since assuming office, the 47th president has introduced a series of trade measures, including a 25% tariff on goods from Canada and Mexico, which has since been postponed until the first week of March. Additionally, a 10% tariff on Chinese imports on top of existing duties, alongside a 25% levy on steel and aluminum imports.
