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United States President Donald Trump doubled down on his tariff move, calling the retaliatory duties a “beautiful thing” that the Americans would “realise someday”.
Trump said the US has a “massive financial deficit with China, the European Union and many others”, accusing predecessor Biden of growing surplus.
“We have massive Financial Deficits with China, the European Union, and many others. The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the U.S.A. They are already in effect, and a beautiful thing to behold,” he said on his social media platform TruthSocial.
He further said: “The Surplus with these Countries has grown during “Presidency” of Sleepy Joe Biden. We are going to reverse it, and reverse it QUICKLY. Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing!”
In April 02, Trump implemented a series of extensive tariffs aimed at restructuring US trade relationships and bolstering domestic industries. On April 2, dubbed “Liberation Day,” a universal 10% import duty was imposed on all goods entering the United States, with higher rates for 57 specific trading partners, including China, Canada, and Mexico. These increased tariffs were calculated based on existing trade deficits with each country, with the administration aiming to reduce these deficits to zero.
Specifically, tariffs on Chinese imports were raised to an effective rate of 54% after April 9, intensifying the ongoing trade tensions between the two nations. Additionally, a 25% tariff on imported automobiles was enacted on April 3, affecting major auto-exporting countries.
The administration justified these measures by citing the need to address trade imbalances, protect national security, and curb issues such as contraband drug trafficking. However, these actions have led to significant economic debates.
Critics argue that the tariffs could lead to increased consumer prices, potential job losses in industries reliant on imports, and strained relationships with key trading partners. Some economists warn of the risk of a recession due to reduced consumer confidence and increased production costs.
In response, countries like Canada, China, and the European Union have announced counter-tariffs, further escalating global trade tensions. Legal challenges are also emerging, questioning the extent of executive power in imposing such tariffs and their alignment with international trade laws.
As these policies unfold, their long-term impact on the US economy and global trade dynamics remains a subject of close observation and analysis.
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