Washington: U.S. President Donald Trump announced plans to introduce "reciprocal" tariffs next week in an effort to balance trade practices with other countries. During a meeting with Japanese Prime Minister Shigeru Ishiba at the White House, Trump revealed his intentions to impose tariffs on U.S. imports that match the tariff rates other countries place on U.S. exports. The specific countries affected by these new tariffs have not yet been disclosed.
According to Yonhap News Agency, Trump has been utilizing tariffs as a method to address America's trade deficits and to pursue other policy objectives, such as reducing illegal migration and drug inflow, including fentanyl, into the United States. Trump emphasized the importance of fair trade practices, stating, "I will be announcing that next week ... reciprocal trade so that we are treated evenly with other countries."
The President also mentioned the potential for auto tariffs, describing them as "always on the table." He highlighted the need to stabilize and equalize the automotive trade sector, noting discrepancies in auto supply between the U.S. and other countries.
During a joint press conference following the summit, Trump reiterated the upcoming announcement of reciprocal tariffs, anticipated after a meeting scheduled for early next week. He explained that the new tariffs would aim to mirror charges imposed by other countries, ensuring fairness in trade dealings.
In recent developments, Trump has already imposed a 10-percent additional tariff on all Chinese imports, effective from Tuesday. However, he has temporarily paused tariffs on Canada and Mexico for a month, following their commitment to enhance efforts against drug trafficking at their borders with the U.S.
Before the summit with Prime Minister Ishiba, a senior Trump administration official highlighted Trump's focus on trade deficits, describing them as indicative of economic fairness and the strength of relationships with U.S. trading partners.