Washington: The president of the United States, Donald Trump, has further intensified the commercial war by announcing a baseline rate of 10% of all imports, higher duties in the key commercial partners of the United States and a 29% tariff on Pakistan, accusing the country of imposing a 58% rate on US assets.
In his comments, President Trump said: “Pakistan has been charging us a 58% tariff on our goods. Therefore, we are imposing a 29% rate on their products.”
Later, he signed an executive order that closes a commercial escape used to send low -free value packages from China, known as “Minimis,” said an assistant.
Radical tasks would create new barriers around the world’s largest consumer economy, reversing decades of trade liberalization that have shaped the global order. Commercial partners are expected to respond with their own countermeasures, which could lead to significantly higher prices for everything, from bicycles to wine.
“It’s our declaration of independence,” Trump said in an event in the Rosas Garden of the White House.
Trump showed a poster that lists reciprocal rates, including 34% in China and 20% in the European Union, in response to the duties imposed on US assets.
Other details were not clear immediately, since Trump continued to comment that echoed his long complaints that US workers and companies are harmed by global trade.
Uncertainty has financial markets and unstable companies that have been based on trade agreements since 1947.
The administration has declared that the new tariffs will immediately take effect after Trump announced them, although the official notice required for the application has not yet been published.
However, the Administration has published an official notice confirming that a separate set of tariffs on automotive imports, announced by Trump last week, will enter into force as of April 3.
Trump has already imposed 20% of tariffs on all imports from China and 25% of steel and aluminum tariffs, extending them to almost $ 150 billion in subsequent products.
His advisors argue that tariffs will restore strategically vital manufacturing capabilities to the United States.
External economists have warned that tariffs could delay the global economy, increase the risk of recession and increase the cost of living for the average American family in thousands of dollars. Companies have expressed concern that continuous threats of Trump rates have hindered the planning of their operations.
Tariff concerns have already slowed the manufacturing activity worldwide and at the same time boost an increase in the car and other sales of imported products, since consumers rush to buy before prices increase.
