Imposition of reciprocal tariff is widely expected to further disrupt global trade potentially. After assuming the office as the president for the second time, Trump announced 25 percent tariffs on goods from Mexico, Canada, and 60 percent on goods from China
Right ahead of the much-awaited bilateral meeting with PM Narendra Modi, US President Donald Trump's cryptic post on reciprocal tariffs set off fresh speculations over a big move on trade tariffs. Discussions on tariffs are widely expected to be on the table during during his meeting with PM Modi.
Taking it to his social media platform, the US President posted, "THREE GREAT WEEKS, PERHAPS THE BEST EVER, BUT TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!! MAKE AMERICA GREAT AGAIN!!!"
Imposition of reciprocal tariff is widely expected to further disrupt global trade potentially. For long the US President has criticized unfair trade practices and therefore his administration pressured countries to lower tariffs on American goods.
"It's time to be reciprocal. You’ll be hearing that word a lot. Reciprocal. If they charge us, we charge them," he had earlier said, as per a report by India Today.
After assuming the office as the president for the second time, Trump announced 25 percent tariffs on goods from Mexico, Canada, and 60 percent on goods from China, demanding that these countries take stronger measures to prevent fentanyl from entering the U.S., and, for Canada and Mexico, to address illegal immigration.
The trade penalties that Trump signed caused a mix of panic, anger and uncertainty, and threatened to rupture a decades-old partnership on trade in North America while further straining relations with China. Mexico and Canada happen to be the top two trading partners of US.
In response, Canadian Prime Minister Justin Trudeau announced retaliatory tariffs, including a 25 per cent levy on US goods and according to reports, Canada will take legal action under the relevant international bodies to challenge the 25 per cent tariff imposed by Trump administration on most Canadian goods.
Trump reacting to Canada's announcement of tariff hike claimed that Canada would “cease to exist” without its trade surplus with the United States.
On February 3, Trump paused the tariffs it imposed on Mexico. In a tweet, Claudia Sheinbaum Pardo, President of Mexico in her conversation with USA President Donald Trump said that the tariffs have been paused for a month. “They (USA) are pausing tariffs for one month from now,” Pardo said.
Pardo also said that both the countries will begin working today on two fronts: security and trade. “The United States is committed to working to prevent the trafficking of high-powered weapons to Mexico.We will immediately reinforce the northern border with 10,000 members of the National Guard to prevent drug trafficking from Mexico to the United States, particularly fentanyl,” Pardo said.
Earlier Trump imposed 25 per cent tariffs on Mexican imports. The US president said the move was in response to his concerns about illegal immigration and drug trafficking - two of the main promises on which he was elected.
In response to this, Pardo said on February 1 said she ordered her Economy Minister to implement tariff and non-tariff measures to defend her country라이브 바카라 interests.
A day after pausing planned tariffs for at least a month for Mexico, US President Donald Trump on Tuesday agreed to do the same with Canada after a meeting with Prime Minister Justin Trudeau. However, Trump's tariffs against China are still slated to go into effect on Tuesday.
Considering the recent strained relationship with Canada over Trump's remarks on making Canada the 51st state of the US, tensions appeared higher between Trump and Trudeau,. However, after two separate calls Trump said he was "very pleased" and was announcing a 30-day halt in the tariffs for Canada as well.
"Canada has agreed to ensure we have a secure Northern Border, and to finally end the deadly scourge of drugs like Fentanyl that have been pouring into our Country," Trump said, as per a report by NDTV.
Commenting on the conversation with Trump, Trudeau posted on X, "I just had a good call with President Trump. Canada is implementing our $1.3 billion border plan — reinforcing the border with new choppers, technology and personnel, enhanced coordination with our American partners, and increased resources to stop the flow of fentanyl. Nearly 10,000 frontline personnel are and will be working on protecting the border."