New Tariff Policies Unveiled
United States President Donald Trump has imposed retaliatory tariffs on several nations, exempting a few of them from the same. Russia, North Korea, Cuba, and Belarus are some of the exempted countries.
Trump explained that though all nations can enter the American market, they have to pay at least 10% tariff. The White House assured that the tariffs don't affect some countries because there are sanctions already in place.
Trump's Position on the Russia-Ukraine Conflict
Now in his second term, Trump has been insistent on halting the Russia-Ukraine war. Last month, he engaged Russian President Vladimir Putin and requested that he look for peace in Ukraine. The apparent ignorance by Putin of Trump's request, though, has left frustration in its wake.
Trump responded by threatening sanctions and tariffs against Russia. He added that these will stay in place until a final peace deal and a ceasefire with Ukraine are established. The U.S. is presently holding peace negotiations with other countries, and Trump is still hopeful for a resolution.
Tariffs on Other Sanctioned Countries
Trump has always had an interest in having good relations with North Korea. Nations targeted by U.S. sanctions, such as Iran and Syria, are now also facing tariffs from 10% to 40%.
Tariffs on Canada, Mexico, and Other Countries
The U.S. has already placed large tariffs on imports from Canada. Trump just recently imposed a 25% tariff on automobile imports, which raised Canada's Prime Minister Mark Carney to issue a stern warning of retaliatory actions. Tariffs on Mexican imports still stand, although Mexico did not feature specifically in Trump's recent statement.
Trump Proclaims 'Liberation Day'
At 4 PM USA time Wednesday in Washington, D.C., Trump formally declared the new tariff policies. He called the day 'Liberation Day' and again asserted that all nations have to pay a minimum of 10% tariff to sell their goods in the U.S.
As a retaliatory measure towards nations imposing high tariffs on U.S. exports, Trump said the U.S. would apply half of those imposed tariffs. For instance, because India charges a 52% tariff on U.S. products, Trump is implementing a 26% tariff in response.
Tags Cloud
