The White House has confirmed no exemptions on reciprocal tariffs as President Trump prepares to announce significant tariff measures on April 2, targeting unfair foreign trade practices. The administration argues that current tariffs imposed by nations like Japan, India, and the EU harm American businesses. Alongside this, a report detailing foreign trade barriers was released, outlining specific challenges to US exports.
The White House has confirmed there will be no exemptions on reciprocal tariffs as US President Donald Trump prepares to announce tariffs designated as “Liberation Day” on April 2. Press spokesperson Karoline Leavitt stated that these tariffs are necessary to address foreign nations’ unfair trade practices against American products.
Ms. Leavitt provided a detailed account of the current tariffs levied on American goods, highlighting significant discrepancies: a 700% tariff on rice from Japan, a 50% tariff from the EU on dairy products, a 100% tariff from India on agricultural products, and nearly a 300% tariff from Canada on butter and cheese.
The administration argues these high tariffs hinder US exports and adversely affect American businesses and workers. It is believed that Trump’s reciprocal tariffs will align US rates with those of other countries to counterbalance the non-tariff barriers that further disadvantage American exports.
In conjunction with the tariff announcements, the Trump administration released an extensive report on foreign trade barriers, detailing various tariffs and regulations imposed by trading partners. US Trade Representative Jamieson Greer asserted that this administration has been proactive in addressing these issues to restore fairness in trade practices and support American economic interests.
The report outlined specific technical barriers to US exports, such as delays in EU approvals of genetically modified organisms and high Canadian tariffs on dairy products, which include a 245% tariff on cheese and a 298% tariff on butter. Additionally, issues regarding value-added taxes and regulations in various countries were also noted as obstacles for US imports.
The forthcoming reciprocal tariffs aimed at addressing imbalanced trade relationships represent a crucial step in defending American interests against unfair foreign trade practices. With a comprehensive review of existing trade barriers, the Trump administration is committed to fostering a more equitable trade landscape. The multifaceted approach taken by the administration reflects a desire to prioritize American businesses and workers in global markets.
Original Source: www.ndtv.com
