US President Donald Trump announced plans for reciprocal tariffs on all countries that impose duties on US imports, raising concerns about a widening global trade war. This move comes as Indian Prime Minister Narendra Modi is set to visit the White House, with the Trump administration expressing dissatisfaction over India's high tariffs. Economists warn of inflationary risks from tariffs, especially given recent data showing a surge in consumer prices. The EU and other nations have previously condemned Trump's tariffs on steel and aluminum, while some American workers and businesses have expressed mixed reactions.
WASHINGTON – US President Donald Trump said he would impose reciprocal tariffs as soon as Wednesday evening on every country that charges duties on US imports, in a move that ratchets up fears of a widening global trade war and threatens to accelerate US inflation.
Republican US House of Representatives Speaker Mike Johnson said that he believed Trump is considering exemptions that would include the automotive and pharmaceutical industries, among others, but said he was not certain. The news sent industries reliant on steel and aluminum imports scrambling to offset an expected jump in costs.
EU trade chief Maros Sefcovic spoke on Wednesday with Hassett, Commerce Secretary-designate Howard Lutnick and US trade representative nominee Jamieson Greer.He delayed a 25% tariff on goods from Mexico and Canada until March 4 to allow negotiations over steps to secure US borders and halt the flow of the drug fentanyl.
TRADE WAR TARIFFS INFLATION GLOBAL ECONOMY US POLITICS
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