After months of uncertainty, Trump has promised to clarify his stance onwhat he calls “reciprocal tariffs.” While he told reporters on Monday that hehad “settled” on a plan, White House advisers continued presenting him withoptions on Tuesday.
Any tariffs announced will take effect immediately, White House presssecretary Karoline Leavitt said on Tuesday.
He has already imposed 20% tariffs on Chinese imports and threatened 25%duties on goods from Canada and Mexico. His administration argues that higherduties are necessary to counteract what it sees as unfair trade practices,including value-added taxes (VATs) and digital services taxes (DSTs) imposed byother countries.
European Commission President Ursula von der Leyen warned on Tuesdaythat the EU has “a strong plan” to respond if targeted by US tariffs. Othercountries, including Canada, Mexico, China, Japan, and South Korea, are alsopreparing retaliatory measures.
In a rare move, Israel announced on Tuesday that it would eliminate alltariffs on US imports, becoming the first country to do so since Trump’sre-election. The decision, likely an attempt to avoid being targeted, haslittle economic impact due to Israel’s already low tariff rates on Americangoods.
Trump has argued that tariffs could allow the US to rely less on incometax revenue, even suggesting they could replace it entirely. However,economists have warned that the measures could disrupt global supply chains andslow economic growth.
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