Since taking office, Trump has announced a broad range of tariffs targeting some of America's biggest trading partners, arguing that they would help tackle unfair practices - and in some cases using the threats to influence policy.
WASHINGTON - US President Donald Trump inked plans Thursday for sweeping"reciprocal tariffs" that could hit both allies and competitors, in a dramatic escalation of an international trade war that economists warn could fuel inflation at home.
The levies would be tailored to each US trading partner and consider the tariffs they impose on American goods, alongside taxes seen as"discriminatory," such as value-added taxes , a White House official said on condition of anonymity. Washington will begin by examining economies with which the United States has its biggest deficits or"most egregious issues," the White House official added.Ahead of Trump's Oval Office comments, Trump trade advisor Peter Navarro told reporters:"Major exporting nations of the world attack our markets with punishing tariffs and even more punishing non-tariff barriers."
But economists caution that sweeping tariffs on US imports would likely boost inflation, not reduce it, in the near term and could weigh on growth eventually. But Sean Bray, policy director of Tax Foundation Europe, noted that the United States might have higher levies on other products, like a 25% rate on light truck imports.
Analysts have warned that reciprocal duties could bring a broad tariff hike to emerging market economies such as India and Thailand, which tend to have higher effective tariff rates on US products.New Delhi offered some quick tariff concessions ahead of Modi's visit, including on high-end motorcycles.
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