US President Donald Trump has announced plans to impose rival tariffs on goods imported into the US from various countries around the world. Trump’s decision is expected to increase tensions in trade relations between the US and other countries.
According to a newspaper report, Trump is preparing to impose an additional 25% tariff on steel and aluminum imports starting Monday. He also said that he will announce similar tariffs on materials coming from other countries on Tuesday and Wednesday. He claims that if a country imposes tariffs on goods exported from the United States, the United States will retaliate by imposing the same tariffs on goods imported from that country.
According to the World Trade Organization, the US has an average tariff rate of 2.2%, which is much lower than other countries in the world. For example, Europe imposes a 10% tariff on American goods, while the US imposes a mere 2.5%. Trump’s vision is to eliminate this disparity.
This policy is also expected to affect poor and developing countries. It could increase the price of goods exported from Nepal to the United States. Trump’s plan will affect Mexico and Canada the most because these countries are the largest trading partners of the United States.