US President Donald Trump has stated that the tariffs he intends to implement in the near future will apply to “all countries,” rather than just those with the largest trade imbalances with the United States.
Trump made this announcement while speaking to reporters aboard Air Force One on Sunday, indicating that his tariff declaration on April 2 will include all nations.
The President explained that the reciprocal tariffs aim to target trade practices that his administration views as unjust.
“The tariffs will be far more generous than those countries were to us, meaning they will be kinder than those countries were to the United States of America over the decades,” he said.
“They ripped us off like no country has ever been ripped off in history and we’re going to be much nicer than they were to us. But it’s substantial money for the country nevertheless,” he said.
Trump has already slapped tariffs on steel and aluminum imports and additional levies on imports from China.
Tariffs on imported autos are also due to take effect on April 3.
Trump’s top trade aide Peter Navarro said the tax on auto imports could raise $100 billion a year.
“And in addition, the other tariffs are going to raise about $600 billion a year, about $6 trillion over a 10-year period,” Navarro told Fox New Sunday.
Trump’s plans to unleash a wide range of reciprocal tariffs risk a global trade war, with other countries already vowing to retaliate and economists warning the sweeping moves risk stoking inflation and triggering a downturn.
Trump has defended the levies as a way to raise government revenue and revitalize US industry.
