Though the US administration has not shared the details of the reciprocal tariffs, White House Press Secretary Karoline Leavitt said that the tariffs will go into effect “immediately.”
The White House has announced that the tariffs announced by US President Donald Trump will come into effect 'immediately'.
Though the US administration has not shared the details of the reciprocal tariffs, White House Press Secretary Karoline Leavitt said that the tariffs will go into effect “immediately.” Leavitt further said Trump is meeting with his trade team on Tuesday while the tariffs would go into effect “immediately."
Trump has marked April 2 as a "Liberation Day" to implement new tariffs that could destabilise the global trade system, Reuters reported. He was set to unveil his tariff plan at an event in the Rose Garden on Wednesday.
The US President has vowed to slap tariffs on US imports on countries with which it has a trade deficit. The plan has sent shockwaves across investors, economists, CEOs and a range of countries from Europe to Asia.
The plan allows the US to raise import duties on some countries claiming that the US charges low tariffs, while other countries impose higher duties and trade barriers on American goods. This, Trump claims, leads to a USD 1 trillion trade deficit that also harms American industries and workers.
On Monday, Trump said he would be “very kind” to trading partners when he unveils the tariffs this week. The US has its biggest goods deficits with countries, including China, the EU, Mexico, Vietnam, Taiwan, Japan, South Korea, Canada and India.
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