President Donald Trump doubled down on his extraordinary push for more balanced trade, announcing on Thursday a round of new, sweeping reciprocal tariffs that could boost America’s revenue — but could also ignite a global trade war and add to America’s rebounding inflation problem.
“THREE GREAT WEEKS, PERHAPS THE BEST EVER, BUT TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!! MAKE AMERICA GREAT AGAIN!!!” Trump posted Thursday morning before the announcement.
The tariffs, which Trump put into motion via an executive action Thursday, won’t take immediate effect, an intentional move to give nations time to potentially negotiate new trade terms with the US, a White House official said Thursday.
Reciprocal tariffs were one of Trump’s core campaign pledges — his method for evening the score with foreign nations that place taxes on American goods and to solve what he has said are unfair trade practices.
“Very simply, it’s if they charge us, we charge them,” Trump said Sunday, explaining why he intended to enact reciprocal tariffs. The announcement comes as Trump is scheduled to meet with Indian Prime Minister Narendra Modi.