President Donald Trump of the United States said on Sunday that reciprocal tariffs he is set to announce this week would affect all nations, and not just a smaller group of 10 to 15 countries with the biggest trade imbalances.
Trump stated this while speaking with reporters aboard Air Force One.
He promised to unveil a massive tariff plan on Wednesday, which he has dubbed “Liberation Day.”
The president has already imposed tariffs on aluminum, steel and autos, along with increased tariffs on all goods from China.
“You'd start with all countries. Essentially all of the countries that we're talking about,” he said.
White House economics adviser Kevin Hassett, while speaking with Fox Business recently, said that the administration's tariffs focus would be on 10 to 15 countries with the worst trade imbalances, though he did not list them.
It was gathered that Trump sees tariffs as a way of protecting the domestic economy from unfair global competition and a bargaining chip for better terms for the US.
However, concerns about a trade war are unsettling markets and creating fears of a recession in the US
Trump has said he will impose a suite of reciprocal tariffs against nations that charge fees on US exports, promising to match those countries' duties.
Recall that in February, the Republican signed a memorandum that directed US trade officials to go country by country and put together a list of tailored counter-measures.
Last week, he suggested he might scale back his reciprocal plans, perhaps imposing tariffs in some cases at lower rates than countries charge the United States.
