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Trump enacts order imposing global tariffs
(MENAFN) U.S. President Donald Trump enacted a directive on Wednesday, fulfilling his long-standing pledge to impose reciprocal tariffs on nations worldwide—a move that has contributed to months of market volatility.
Under the order, a minimum 10 percent tariff will apply to all nations excluding Canada and Mexico, while higher rates will target nations Trump considers the "worst" trade violators.
Trump stated that the initiative aims to "help build our economy" by boosting domestic manufacturing, increasing government revenue, and curbing what he described as trade "cheating."
Describing the decision as a historic moment, Trump declared, "This is one of the most important days, in my opinion, in American history. It's our declaration of economic independence."
He further emphasized the policy's expected impact, asserting, "We will supercharge our domestic industrial base. We will pry open foreign markets and break down foreign trade barriers, and ultimately, more production at home will mean stronger competition and lower prices for consumers."
Under the order, a minimum 10 percent tariff will apply to all nations excluding Canada and Mexico, while higher rates will target nations Trump considers the "worst" trade violators.
Trump stated that the initiative aims to "help build our economy" by boosting domestic manufacturing, increasing government revenue, and curbing what he described as trade "cheating."
Describing the decision as a historic moment, Trump declared, "This is one of the most important days, in my opinion, in American history. It's our declaration of economic independence."
He further emphasized the policy's expected impact, asserting, "We will supercharge our domestic industrial base. We will pry open foreign markets and break down foreign trade barriers, and ultimately, more production at home will mean stronger competition and lower prices for consumers."
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