Former US President Donald Trump announced his plan to implement reciprocal tariffs, matching the tariff rates imposed by other countries on US goods. This move aims to ensure fair treatment for US exports and potentially address trade imbalances. Countries with trade deals with the US, like South Korea, are less likely to be directly affected. The initiative echoes Trump's campaign promise of 'an eye for an eye, a tariff for a tariff.'
Employees assemble parts onto car panels at an assembly line inside the manufacturing plant of Renault Nissan Automotive India in Oragadam in the southern state of Tamil Nadu, India, Mar 27, 2024. "Three great weeks, perhaps the best ever, but today is the big one: reciprocal tariffs!!! Make America great again!!!" Trump said in a post in all capital letters on his Truth Social platform.
Countries that have trade deals with Washington such as South Korea are less at risk from this move, analysts believe. For example, if India imposes a 25 per cent tariff on US autos, Washington will have a 25 per cent tariff as well on imports of autos from India, explained a Nomura report this week.
RECIPROCAL TARIFFS DONALD TRUMP TRADE POLICY US EXPORTS TRADE IMBALANCES
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