The United States has announced new tariffs on countries worldwide, including India, Brazil, Japan, and Korea. Some nations have reached agreements with the U.S. to gain relief, while others have faced substantial tariffs imposed by President Trump, leading to criticism. Defending his policy, Trump emphasized, 'Tariffs are bringing in a lot of money, and we should have implemented this strategy years ago.'
'Overflowing Revenue Helps Debt Repayment'
President Donald Trump, on Monday, justified his tariff policy and decisions to impose sanctions on various countries. He committed to using increased revenue from tariffs to tackle the substantial national debt. While defending U.S. tariffs, he noted, 'We've got more money coming in than this country has ever seen before.' The President declared that reducing America's debt burden, a task that should have been undertaken years ago, is now a priority.
Trump Predicts 'Billions in Revenue'
Trump emphasized to journalists that reciprocal tariffs ensure fairness and that's what he's pursuing. 'We want mutual exchange where possible, which will enable our country to earn hundreds of billions of dollars,' he said. He indicated readiness to extend his tariff strategy during his first presidential term, but COVID-19 (Corona Pandemic) delayed further actions. 'We managed to do this with China, although the pandemic limited further success,' he explained.
Trump Raises Tariffs on 69 Countries
Notably, Trump imposed tariffs up to 50% on imports from countries with which the U.S. has a trade deficit, while setting a 10% baseline tariff on nearly all others. Citing a 1977 law, he declared trade imbalances a national emergency. Before the August 1 deadline, the President issued new letters to raise tariffs on around 69 countries, alongside additional penalty provisions.
The so-called 'Trump Tariff Bomb' hit Brazil the hardest, with a 50% U.S. tariff imposed. Syria faced 41%, Switzerland 39%, Canada 35%, and India 25%. Pakistan received favor, with a tariff reduction from 29% to 19%, previously announced in April.
