US President Donald Trump said on Sunday that the mutual tariffs he is due to be announced this week include not just small groups of 10 to 15 countries with the biggest trade imbalance, but all countries.
Trump pledged to announce a massive tariff plan on Wednesday. He has already imposed tariffs on aluminum, steel and automobiles, and increased tariffs on all goods from China.
“You start in every country,” he told reporters on Air Force 1. “It’s essentially every country we’re talking about.”
White House economic adviser Kevin Hassett recently told Fox Business that the administration’s tariff focus is on 10-15 countries with the worst trade imbalances, but he didn’t list them.
Trump sees tariffs as a way to protect the domestic economy from unfair global competition, and sees it as a negotiation tip for better terms in the US
But concerns about the trade war have made markets uncertain and create fear of the US recession
Trump has said he will impose a series of mutual tariffs on countries charging fees for US exports, and has promised to be consistent with those countries’ obligations.
In February, Trump signed a memorandum of understanding that directed US trade officials to go to countries by country and compiled a list of customized measures.
Last week he proposed that he might scale back his mutual plans, imposing tariffs at a rate that is likely lower than the country charges the US.
