Kathmandu. US President Donald Trump has said that the upcoming tariffs will include ‘all countries’, not just those with the largest trade imbalance with the US.
President Trump is preparing to unveil a reciprocal tax policy to address the trade regime, which will be implemented from April 2. “The tax increase will start with all countries, so let’s see what happens,” Trump told reporters on Air Force One. Asked which countries the tax policy would apply to, he said, “I’ve heard rumors in the media that it’s only about 10 or 15 countries. That’s not the case.
Basically, the US additional tax policy (tax adjustment) will apply to all countries, including all the countries we’re talking about. Not a cut.” Trump’s upcoming tax policy was expected to target the so-called ‘Dirty 15’, 15 percent of partners that have persistent trade imbalances with the United States, US Treasury Secretary Scott Besant said.
Although the target is broader, President Trump has claimed that his tariffs will be more ‘generous’ than those imposed against the United States. “These countries will be much more generous than we are,” he said. Trump has already imposed tariffs on steel and aluminum imports and has imposed additional tariffs on goods imported from China.
Additional taxes will also be imposed on imported vehicles (cars) from April 3. Trump’s top trade aide Peter Navarro has claimed that the tax on four-wheeler imports could raise $100 billion annually. “In addition, other taxes would generate about $6 billion annually “It will raise $1 trillion and it will be about $6 trillion over 10 years,” Navarro told Fox News Sunday.
Trump’s plan to impose a wide range of reciprocal tariffs threatens a global trade war. Countries affected by the tax policy have already vowed to retaliate. Economists have warned that Trump’s sweeping tax hikes could fuel inflation and deepen a recession.
Trump has defended his administration’s tax policies as a way to raise government revenue and revive American industry.
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