President Donald Trump signed a presidential memorandum on Thursday, announcing his administration’s plan to implement reciprocal tariffs with all of the United States’ trading partners.
Trump stated that the plan would create a “level playing field” by charging foreign nations the same rates they charge the U.S.
‘No more, no less!’
The memo directed Howard Lutnick, the president’s secretary of commerce nominee, to conduct studies to determine the tariff amount for each country. Lutnick predicted that these tariffs could be implemented as early as April 2.
“India, traditionally, is just about the highest-tariffed country. They charge more tariffs than any other country,” Trump stated during a Thursday press conference. “They charge tremendous tariffs.”
Trump noted that he plans to discuss trade with Indian Prime Minister Narendra Modi, with whom he is scheduled to meet Thursday afternoon.
“Whatever they charge us, we’re charging them,” Trump remarked. “It’s a beautiful, simple system. And we don’t have to worry about charging too much or too little.”
Trump also criticized the European Union and Canada for being unfair toward the U.S. in trade matters. “The EU’s been very nasty,” he continued. “They haven’t treated us properly.”
He explained that foreign companies could build factories in the United States if they want to avoid the tariffs. “If you build here, you have no tariffs whatsoever,” he declared.
Trump stated that the policy should have been implemented years ago and predicted it would result in the nation being flooded with job opportunities.
Corporate media reporters pressed Trump about the tariffs potentially causing prices to increase for American consumers.
He responded, “Prices could go up somewhat short-term, but prices will also go down.”
“Remember, if they [other countries] drop their tariffs, prices for Americans are coming down,” Lutnick explained. “It’s a two-way street; that’s why it’s called reciprocal.”
Trump indicated that his administration does not anticipate implementing any exceptions to the reciprocal tariff policy, calling it one of the “most important things” he has signed.
Trump wrote in a post on Truth Social, “On Trade, I have decided, for purposes of Fairness, that I will charge a RECIPROCAL Tariff meaning, whatever Countries charge the United States of America, we will charge them – No more, no less!”
“For purposes of this United States Policy, we will consider Countries that use the VAT System, which is far more punitive than a Tariff, to be similar to that of a Tariff. Sending merchandise, product, or anything by any other name through another Country, for purposes of unfairly harming America, will not be accepted,” he declared.
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