In his address to Congress, Donald Trump named India, China, South Korea, and various other countries as high tariff imposing countries on American imports. Whatever tariff they impose on us, we will impose the same on them. We set the date of April 2 for it. This step will make America rich and great again, President Trump said.
The US President said, ‘For decades, other countries have been using tariffs on us. Now it is our turn to use their own weapon against other countries. On average, the European Union, China, Brazil, India… and so many other countries charge us much higher tariffs. We charge them less tariffs than they charge us. This is very unfair. India charges us 100 percent auto tariffs, China charges us double the tariff, and South Korea charges four times the tariff. And this applies to friend and foe alike. This system is unfair to America; it has never been fair to America.’
Reciprocal tariffs to take effect on April 2nd
Reciprocal tariffs will be imposed effective April 2, Trump said. Whatever tariffs they put on us, we’ll put tariffs on them. Whatever ‘tax’ they put on us will be put as taxes on them. If they put non-monetary tariffs to keep us out of their markets, we will erect non-monetary barriers to keep them out of the American market.
Tariffs will generate huge revenue, create employment
Trump said that America has been robbed by almost every country for decades. But, this will not happen anymore. The tariffs will generate huge revenue, which will create unprecedented jobs. He explained that from April 2, for foreign agricultural products entering America, additional tariffs will be slapped. We are bringing in a new trade policy that will be a great boon for American farmers. I love farmers. They are bringing in dirty and cheap foreign goods into America, which are hurting American farmers. The 25 percent tariff on aluminum, copper, lumber, and steel from abroad is not just to protect American jobs; it is to protect the soul of our nation.
Canada and Mexico also cornered
Trump also cornered Mexico and Canada. He alleged that they let more fentanyl into the US than ever, causing thousands of American deaths. We provide subsidies to Canada and Mexico but will provide no more.
Trump made it clear during the US visit of PM Modi
In February, Trump said his administration would soon retaliate with tariffs against countries like India and China; such a statement he made during Prime Minister Modi’s visit to the US last month. Trump had made it clear to Prime Minister Modi that India would not be spared from US retaliatory tariffs, and he asserted that anybody who argues with him on tariff structure is wasting his time.
