US President Donald Trump said his much-anticipated mutual tariffs are lower than what other countries charge as uncertainty about his biggest trade announcement, but they continue to rob global stock.
Speaking at the White House on Monday, Trump said the tariffs he prepares to announce on Wednesday will be “better” than the trade policies of U.S. trading partners.
“We’re going to be very good compared to what they are, and the numbers are lower than what they charge us.
“We’ll be very kind, relatively speaking,” Trump said.
Trump reiterated his regular point of talk that the US was used by trading partners, saying the measure “produces incredible wealth to our country.”
“It’s really, in a way, a rebirth of our country,” he said.
Trump’s remarks came the day after he made it clear that tariffs would apply to “all countries.” This pours cold water only in the hope that the measure will target most of the US trade deficits.
“A few hours after his big announcement, Trump and his team continue to give conflicting and inconsistent signals about what to expect,” Deborah Elms, director of trade policy at Singapore’s Hinrich Foundation, told Al Jazeera.
“I’m taking this latest statement with a grain of salt,” Elms added.
“I still hope that tariffs will apply to almost everyone. At a higher level for those with a higher trade deficit or other Trump complaints.”
Trump’s April 2nd tariff announcement is the latest in a surge in trade salvos, which he has been called “liberation day,” launched in recent weeks by the US president.
Many measures are expected to come into effect this week, including a 25% tariff in Canada and Mexico and a 25% mandate for all automobile imports.
Since last month, all imports in China and other tariffs have been in place since last month, including a 25% obligation on aluminum and steel.
US stocks mixed as Asian markets will curb losses
US stocks performed multiple times on Monday after stocks in Japan, South Korea, Hong Kong and Australia suffered sharp losses previously.
The Benchmark S&P 500 has fallen by nearly 6% since the start of March, up 0.55%.
The high-tech Nasdaq composites have fallen by more than 8%, down 0.14%.
The Asian market regained some losses on Tuesday morning. Japan’s Japan 225, Korea’s Cospi, Australia’s ASX200, and Hong Kong’s Hangsen increased by 0.41% to 0.76% at 1:30 GMT.
Trump has been discussing the April 2nd tariff announcement for several weeks, but the scope and details of his plans remain vague.
Trump often expressed his support for blanket tariffs during his campaign, but senior officials in his administration have shown that certain countries are particularly concerned.
US Treasury Secretary Scott Bescent said last month that the administration was particularly focused on what he called “dirty 15.” It said it was considered to explain the majority of trade imbalances and explain the majority of trade imbalances, while imposing sudden tariffs and other non-discretionary barriers.
Although Bescent did not mention the country by name, the US has some of the biggest trade obstacles with China, the European Union, Canada, India, Japan, Vietnam and South Korea.
Kevin Hassett, director of Trump’s National Economic Council, suggested last month that authorities are particularly looking at 10-15 countries that make up a large part of the US trade deficit.
In an interview with Fox News on Sunday, White House trade adviser Peter Navarro said tariffs could raise $600 million a year.
Defeated supply chain and higher prices
Among potential clues about Trump’s next move, the U.S. Trade Representative on Monday released a list of policies and regulations from dozens of countries considering trade barriers.
The report outlined non-tariff barriers such as food safety regulations and green energy regulations for China, the EU, Canada, Argentina, Mexico and the United Arab Emirates, among other trading partners.
Trump claimed that his tariffs would boost manufacturing and create jobs in the US, but economists warned that the measure would likely overturn global supply chains and raise consumer prices.
The US President’s trade salvo has sparked tensions with some of Washington’s closest allies, including Canada, Japan and the EU.
On Monday, European Central Bank President Christine Lagarde said in an interview with French Radio that Europe should “have greater control of our destiny” and “a step towards independence” in the face of Trump’s trade moves.
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