US President Donald Trump has said that he will be revealing a massive new tariff plan on Wednesday. He said that the reciprocal tariffs that are to announced this week on April 2, will not just affect a small group of 10 or 15 countries, but in fact, it will impact “all countries”, reported Reuters.
“You’d start with all countries,” Trump said while speaking to the reporters aboard Air Force One. “Essentially all of the countries that we’re talking about,” he added. Trump has already announced tariffs on steel, aluminium, auto, along with increased tariffs on goods coming from China.
Kevin Hassett, the White House economics adviser, had recently told Fox Business that Trump administration’s target would be on 10 to 15 countries, basically all those which have the worst trade imbalance. However, he did not list the names of the countries.
There has been an unsettling fear regarding possible recession in the US and amid those fears, Trump had said that reciprocal tariffs would be announced against all those nations that charge US fees on exports. The Trump administration has promised to match those countries’ duties.
On the other hand, last week Trump had suggested that he might scale back his plans of imposing reciprocal tariffs, in some cases probably at lower rates.