Trump set to announce new tariff that will take effect immediately
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There’s great apprehension for U.S. President Donald Trump’s announcement, who will hold a press meeting today at 4:00 PM at the White House’s Rose Garden to unveil the new tariff package. White House spokesperson Karoline Leavitt stated that the new tariffs will take effect immediately, although no further details have been disclosed yet.
Media and analysts speculate that the new tariffs could affect only certain countries, but they don’t exclude the possibility of a general tariff on all imports, which could reach up to 20%. This latter scenario would impact the entire U.S. import sector, which is currently valued at 3.3 trillion dollars.
So far, the United States has applied a 20% tariff on imported Chinese goods, in addition to a 25% tariff on aluminum and steel from Mexico and Canada, as well as a further 25% tariff on cars produced outside the United States. Trump argues that many countries have closed their markets to U.S. products and that this lack of reciprocity is affecting the American trade deficit.
Meanwhile, Europe – due to its time zone – will have to wait until 10:00 PM today to find out what the new tariff package entails. However, European Commission President von der Leyen has stated that the EU has already devised a plan to respond to the upcoming U.S. tariffs, although the goal remains to reach a negotiated solution.
Media and analysts speculate that the new tariffs could affect only certain countries, but they don’t exclude the possibility of a general tariff on all imports, which could reach up to 20%. This latter scenario would impact the entire U.S. import sector, which is currently valued at 3.3 trillion dollars.
So far, the United States has applied a 20% tariff on imported Chinese goods, in addition to a 25% tariff on aluminum and steel from Mexico and Canada, as well as a further 25% tariff on cars produced outside the United States. Trump argues that many countries have closed their markets to U.S. products and that this lack of reciprocity is affecting the American trade deficit.
Meanwhile, Europe – due to its time zone – will have to wait until 10:00 PM today to find out what the new tariff package entails. However, European Commission President von der Leyen has stated that the EU has already devised a plan to respond to the upcoming U.S. tariffs, although the goal remains to reach a negotiated solution.