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WASHINGTON: President Donald Trump says he plans to unveil reciprocal tariffs this week in a major escalation of his trade war with US economic partners.
At a White House press conference later last Friday Trump suggested that the reciprocal tariffs could come in lieu of the 10% to 20% universal import duty plan at the centre of his economic message during the campaign.“I think that’s the only fair way to do it. That way, nobody’s hurt. They charge us. We charge them. It’s the same thing,” Trump said. “I seem to be going in that line as opposed to a flat fee, tariff.
He’s taken particular aim at the European Union’s value-added tax, a minimum standard rate of 15% that can go considerably higher for some countries, telling reporters last Monday that the levy went “through the roof”.
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