A day after taking over as the President of the United States, Donald Trump has made his intentions clear to bring sweeping changes to global trade with tariff hikes. The Republican president, on Tuesday, warned of imposing fresh sanctions on Russia if it fails to negotiate a deal on Ukraine. He had also hinted of imposing a 10% tariff on imports of Chinese-made goods from February 1.
US President Donald Trump has also issued tariff threats to Mexico, Canada, India and BRICS nations like Brazil, South Africa, and European Union.
Donald Trump warns of 10% tariff threat on China
Donald Trump, on Tuesday, warned that his government is planning to impose 10% across-the-board tariff on all Chinese goods from February 1, CNN reported. He had also threatened to import 25% tariffs on Mexico and Canada. The announcement was made based on the fact that China is “sending fentanyl to Mexico and Canada”.
Donald Trump plans to impose tariff hike on China, Mexico and Canada, as part of his strategy to combat the flow of illegal drugs, including fentanyl, to the US.
Donald Trump’s tariff threat on Russia
He had also agreed to a possibility of hitting Russia with fresh sanctions when a reporter asked him of taking strict actions on Moscow if Vladimir Putin didn’t come to table to talk about war in Ukraine.
100% tariff on BRICS nations
To ensure dollar’s supremacy in global trade, US President Donald Trump reiterated of taking punitive actions against BRICS nations. The BRICS nations include Brazil, Russia, China, South Africa and India.
“As a BRICS nation… they’ll have a 100 per cent tariff if they so much as even think about doing what they thought, and therefore they will give it up immediately,” Trump was quoted as saying by news agency ANI.
Tariff on European Union
Donald Trump also singled out the European Union and called it was a “very, very bad” trade partner of the United States, and hence can attract a tariff hike.
“Other countries are big abusers also, you know it’s not just China,” Trump said. “We have a $350 billion deficit with the European Union. They treat us very very badly, so they’re going to be in for tariffs,” Trump said on Tuesday.
