President Donald Trump has made a significant announcement regarding global tariffs. Through a social media post, Trump declared that the United States is set to increase the global tariff imposed on countries worldwide from 10% to 15% effective immediately. He stated that this decision is a response to several countries 'taking advantage' of the United States for decades.
In his statement, Trump emphasized that this move is fully within the legal framework and has been carefully tested. He also hinted that the Trump administration would announce new 'legally sound' tariffs in the coming months. According to him, this policy is essential to strengthen the American economy and protect domestic industries. The President mentioned that upcoming tariffs might be implemented soon.
Referencing his 'Make America Great Again' campaign, Trump highlighted that his administration is working tirelessly towards that goal, and the new tariffs are integral to this strategy. He claimed that the steps taken so far have been 'extremely successful,' and America will continue to benefit.
Source: aajtak
What Are Experts Saying?
The Trump administration has indicated that the goal of this decision is to boost American manufacturing and reduce trade deficits. Trump is confident that this process will make 'America greater than ever,' aligning with his MAGA mission. Experts believe this move could significantly impact export-based economies worldwide, including India.
Experts suggest that if this tariff hike materializes, it could affect global trade. Nations that engage in extensive commerce with the United States might face increased export pressure. Furthermore, there is the looming possibility of retaliatory tariffs, potentially escalating trade tensions.
Meanwhile, a detailed list and timeline from the Trump administration are still awaited. Global markets and partners are closely monitoring for the next steps.
