Trump proposes 100 percent tariffs for countries abandoning dollar, expand trade strategy
(MENAFN) Donald Trump, a U.S. presidential candidate, has introduced a new dimension to his trade policy by pledging to impose a 100 percent tariff on goods from countries that move away from using the U.S. dollar in international trade. Speaking at a rally in Wisconsin, Trump declared that any country that abandons the dollar would face severe economic penalties, specifically a complete tariff on their exports to the United States. This proposal is part of a broader strategy Trump has been discussing with his economic advisers, aimed at deterring nations from seeking alternatives to the dollar for trade transactions.
This new tariff approach follows a period of extensive discussions about how to address the growing trend of countries looking to conduct trade using other currencies. Potential measures considered include export controls, fees for currency manipulation, and various tariffs. Trump's stance contrasts with his previous assertions about the dollar being under threat and his desire to maintain its status as the world's primary reserve currency. He has expressed concerns over discussions by countries such as China, India, Brazil, Russia, and South Africa about moving away from the dollar, which they deliberated during a summit last year.
In addition to his new tariff proposal, Trump has also promised to impose a 100 percent tariff on Chinese cars manufactured in Mexico, which would be double the tax he initially proposed for cars made in the United States. This move reflects his ongoing commitment to protectionist trade policies and his broader agenda to reshape U.S. economic relations globally.
MENAFN09092024000045015682ID1108651243
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.