President Trump Announces Reciprocal Tariffs, Delays Implementation
US President Donald Trump imposed reciprocal tariffs on "friend and foe" nations, but postponed their implementation to facilitate negotiations. The first nation to engage in talks is India, whose Prime Minister Narendra Modi is set to visit the White House for meetings.
Trump emphasized that no exemptions or waivers are expected, and that India possesses the highest tariffs among all nations. He vowed to impose reciprocal tariffs, matching the rates imposed on the US by other countries.
The Trump administration is customizing the tariffs for each country after conducting studies, with potential implementation as early as April 2.
This action follows earlier tariffs on steel and aluminum, as well as duties imposed on China last week. The order lacks immediate details, but could potentially affect nations ranging from Asia to South America.
Trump has long advocated for tariffs as a measure to rectify trade imbalances, which he sees as unfair. The focus on value-added taxes could complicate relations with the European Union.
Negotiations will be led by Howard Lutnick, the incoming Commerce Secretary, and Jamieson Greer, the designated trade representative.