Washington, April 2: President Donald Trump announced plans for sweeping tariffs Wednesday, saying “our country has been looted, pillaged, raped, plundered” by other nations. The aggressive rhetoric came as Trump showed a willingness to dismantle a global economic system that the United States helped to build after World War II.
“Taxpayers have been ripped off for more than 50 years,” Trump said in remarks at the White House. “But it is not going to happen anymore.” The president has promised that factory jobs will return back to the United States as a result of the taxes, but his policies risk causing a sudden economic slowdown as consumers and businesses could face sharp price hikes on autos, clothes and other goods.
The tariffs are expected to follow similar recent announcements of 25 per cent taxes on auto imports; levies against China, Canada and Mexico; and expanded trade penalties on steel and aluminum. Trump has also imposed tariffs on countries that import oil from Venezuela and he plans separate import taxes on pharmaceutical drugs, lumber, copper and computer chips.
None of the warning signs about a falling stock market or consumer sentiment turning morose has caused the administration to publicly second-guess its strategy.
White House trade adviser Peter Navarro has suggested the new tariffs would raise $600 billion annually, which would be the largest tax increase since World War II. (AP)
