Trump signs plan to increase trading partner tariffs – Irvine Times

“I decided for the purposes of justice that I would charge a reciprocal tariff,” said G -N Trump in the Oval Cabinet when signing the proclamation. “It’s fair to everyone. No other country can complain. “

His Republican administration insisted that his new tariffs would equalize play conditions between US manufacturers and foreign competitors, although these new taxes are likely to be paid by US consumers and businesses directly or in the form of higher prices.

Tariff policy could easily cause a reaction to G -N Trump if his agenda presses inflation and digestion growth, which makes this great bet for the president.

The increase in tariffs will be customized for each country with the partial purpose of commercial negotiations.

But other nations may also feel the need to respond with their own increases in US goods tariffs.

As a result, Trump may need to find ways to increase consumers and businesses that growth will counteract any uncertainty from the possible fall out of its tariffs.

His proclamation identifies taxes on the value added – which are similar to sales taxes and common in the European Union – as a trade barrier that must be included in all reciprocal tariff calculations, according to a senior White House official.

Other nations tariff rates, subsidies for industries, regulations and possible underestimation of currencies would be among the factors that the Trump administration would use to evaluate the rates.

The employee said the expected revenue from tariffs would help to balance the expected budget deficit of $ 1.9 trillion. The employee also stated that the check -ups needed for tariffs can be completed within a few weeks or several months.

A possible increase in imports and export taxes can be large compared to the relatively modest tariffs that the Trump imposed in its first term.

Trading in goods between Europe and the United States almost amounts to $ 1.3 trillion last year, with the US exporting $ 267 billion less than imports, according to the Census Bureau.

The president has openly antagonized numerous US trading partners in the last few weeks, threatening the tariff threats and inviting them to avenge their own taxes on imports that could send the economy to become a trade war.

Trump has set an additional 10% tariff for Chinese imports because of the role of this country in the production of opioid fentanyl.

He also prepared tariffs for Canada and Mexico, the two largest trading partners in America that could come into force in March after being stopped for 30 days.

On top of that, on Monday, he eliminated the exceptions to his steel and aluminum tariffs for 2018 and he has been dead for new tariffs for computer chips and pharmaceuticals.

The EU, Canada and Mexico Have Counter Measures Ready to Inflict Economic Pain on the United States in Response to Mr Trump’s Action, While China Has Alredy Taken Retaliale Hinery and Large-Engine Autos as Well as Google investigation.

Bank Wells Fargo analysts have said in a report on Thursday that tariffs are likely to harm growth this year, just as expanded tax reductions can help to recover growth in 2026.

“Tariffs add a modest stagflation shock to the economy,” the report said. “The US economy entered 2025 at a rather speed, but we are looking for the real GDP growth to reduce a little in the next few quarters, as the effects of tariff prices destroy real income growth, thus weighing real consumer growth S “