AMN/ WEB DESK
US President Donald Trump is set to announce tariffs on all nations that impose duties on American goods. The tariff announcement will reveal which countries and sectors the Trump administration will target as it tries to reduce a 1.2 trillion dollar global goods trade deficit. Speaking to reporters yesterday, Mr. Trump termed it “liberation day” for the US in terms of imports and exports.
Nations across the globe are grappling with crucial decisions as President Trump’s reciprocal tariffs challenge their export-based economies. The new levies will impact key regional players, potentially trimming economic growth significantly. Leaders aim to diversify trade and strengthen domestic markets to mitigate the effects while avoiding direct retaliation against the US.
Along with Mexico, Canada, and the European Union, Asia has been squarely in the sights of President Trump’s protectionist push since his return to the White House.
Meanwhile, European Commission President Ursula von der Leyen said Europe has a strong plan for striking back at the United States in response to President Trump’s tariff hikes, if necessary. Speaking at the European Parliament in Strasbourg, France, the EU chief said Europe was open to negotiations. She said they would approach these negotiations from a position of strength. The Trump administration has long targeted China and already slapped a 20 percent levy on imports from the world’s factory floor in a resumption of the trade war unleashed during his first presidency.