President Donald Trump in an all-caps post on Truth Social Thursday announced a new round of sweeping reciprocal tariffs. “On trade, I have decided, for purposes of fairness, that I will charge a reciprocal tariff meaning, whatever countries charge the United States of America, we will charge them – No more, no less,” Trump told reporters Thursday in the Oval office. “In other words, they charge us a tax or tariff and we charge them the exact same tax or tariff. Very simple,” he said.
“In almost all cases, they are charging us vastly more than we charge them, but those days are over,” Trump added.
“It is fair to all, no other country can complain and, in some cases, if a country feels that the United States would be getting too high a tariff, all they have to do is reduce or terminate their tariff against us. There are no tariffs if you manufacture or build your product in the United States.”
He posted earlier in the day, saying it was going to be a “big one.”
“THREE GREAT WEEKS, PERHAPS THE BEST EVER, BUT TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!! MAKE AMERICA GREAT AGAIN,” Trump posted early Thursday.
He later posted that he’ll hold a 1 pm local time press conference to announce the reciprocal tariffs.
“NEWS CONFERENCE ON RECIPROCAL TARIFFS TODAY, 1:00 P.M., THE OVAL OFFICE. MAKE AMERICA GREAT AGAIN,” Trump added in the post.
Trump signed a memorandum ordering the development of a comprehensive plan for restoring fairness in U.S. trade relationships, as he said, and countering non-reciprocal trading arrangements.
“For purposes of this United States Policy, we will consider Countries that use the VAT System, which is far more punitive than a Tariff, to be similar to that of a Tariff. Sending merchandise, product, or anything by any other name through another Country, for purposes of unfairly harming America, will not be accepted,” Trump noted.
The United States has recently imposed significant tariffs on its North American neighbours and China.
Donald Trump also signed on Monday an executive order imposing 25% tariffs on steel and aluminum in a major expansion of existing trade barriers.
The maritime shipping industry stands at the forefront of these changes, facing challenges such as rerouted trade flows, fluctuating freight rates, the Red Sea, the disruption to trade due to the Russian war against Ukraine, and the growing burden of sanctions.
In a positive note, President Trump said negotiations to end the Ukraine war will start “immediately” after holding a “lengthy and highly productive” telephone call with Russian President Vladimir Putin.
Trump had been signalling for weeks his desire to speak with Putin as he works to resolve the Ukraine conflict.
“We agreed to work together, very closely, including visiting each other’s Nations. We have also agreed to have our respective teams start negotiations immediately, and we will begin by calling President Zelenskyy, of Ukraine, to inform him of the conversation, something which I will be doing right now,” Trump wrote.
The Russian Presidency confirmed the dialogue, mentioning that the two leaders “discussed a possible Ukraine settlement.”
The President of Russia invited the US President to visit Moscow and expressed willingness to receive visiting officials from the United States to discuss topics of mutual interest, including a possible Ukraine settlement.
The two leaders agreed to maintain personal contact in the future, involving in particular in-person meetings.
A single phone call will not magically end the war in Ukraine. Talks may now get under way. Exactly when and how they will conclude isn’t clear.
The call between Mr. Trump and Putin was the first known conversation between the two since the president returned to the White House for a second term.
“We believe that America’s strength, together with Ukraine and all our partners, is enough to push Russia to peace,” the President of Ukraine Volodymyr Zelenskyy commented after his long and detailed conversation with President Trump.
