US President Donald Trump has defended his new tariffs on trading partners and pledged that more will come.
Addressing a joint session of Congress on Tuesday night, he stated, “other countries have used tariffs against us for decades, and now it’s our turn”.
The United States imposed a 25% tariff on exports from Canada and Mexico and doubled an earlier 10% tariff on Chinese imports to 20%. U.S.
Stock markets have taken a significant tumble, and the three countries have threatened retaliation, raising concerns of a broader trade war.
Trump announced that the United States will begin imposing “reciprocal tariffs” on all trading partners on April 2.
“Whatever they tariff us, we will tariff them,” he stated.
He also mentioned a 25% tariff on imports of foreign aluminum, copper, lumber and steel.