Trump widens trade fight to include global taxes and regulation
Trump is embarking on what may be his most disruptive action yet for the global economy by broadening his grievances to how other countries choose to tax and regulate.
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Trump on Thursday ordered top economic officials to calculate new US tariffs based on the total tariffs and tax, regulatory, currency and any other barriers that US exports face. The new “reciprocal” duties would be calculated country by country. They will be laid out in a series of reports due by April 1 that officials said would first examine the economies with which the US has the largest trade deficits.
“The numbers are going to be very fair but staggering. They’re going to be large,” Trump told reporters in the Oval Office as he signed a memorandum ordering up the new tariffs.
The move, which Trump said would replace his campaign plan for a universal tariff on imports, immediately puts the European Union and countries including China, India, Mexico and Vietnam in the potential firing line, based on US trade data.
European Commission President Ursula von der Leyen on Friday called Trump’s plan a “step in the wrong direction” and an act of self-harm. By raising tariffs, the US “is taxing its own citizens, raising costs for business, stifling growth and fueling inflation,” she said.
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