Trump's Reciprocal Tariffs Threaten Global Trade Dynamics
President Trump proposes reciprocal tariffs, igniting fears of economic chaos and trade war among allies while businesses push for government negotiations.
Imposing US tariffs on UK steel would be "negative" for both countries, the business secretary has said.
Government plans to protect UK steel industry amid threat of tariffs
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The move is part of his reciprocal tariff policy aimed at countering what he describes as unfair trade practices.
Trump Says VAT Systems Will Be Treated as Tariffs When Deciding Reciprocal Duties
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The new tariffs will likely be felt the most in the European Union, which has value-added taxes of almost 22%.
Trump plans to impose new US tariffs on countries with value-added taxes
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This System will immediately bring Fairness and Prosperity back into the previously complex and unfair System of Trade.
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The impact could be most immediate in the European Union, which has standardized value added taxes with an average rate of almost 22%.
Trump promises to target VAT systems, putting 175 countries on notice
Axios·1M·ReliableThis source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.CenterThis outlet is balanced or reflects centrist views.By Trump's signing the memo on Thursday, his administration can now conduct a review for issuing tailored tariffs for countries by focusing on five key areas, according to The Hill, they are: U.S. goods tariffs imposed by the nation, unfair taxes levied, the financial impact on U.S. businesses and consumers due to foreign countries' policies, exchange rates, and any other discriminatory trade practices identified by the trade representative.
Trump Doubles Down on 'Reciprocal' Tariffs
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The green paper will look at the long-term issues facing the industry, such as high energy costs, international turmoil – including the effects of tariffs – and scrap metal recycling, with the aim of protecting jobs and living standards in the UK’s steel-producing heartlands.
UK rushes forward plans for £2.5bn steel investment after Trump announces tariffs
The Guardian·1M·ReliableThis source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.Leans LeftThis outlet slightly leans left.Trump has broken with the old free trade consensus, saying unfair foreign competition has hurt American manufacturers and devastated factory towns in the American heartland.
Trump's reciprocal tariffs will overturn decades of trade policy
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The tariffs against the two U.S. neighbors are on pause for 30 days amid negotiations and could take effect in March.
Trump's Response To Tariffs Question Flagged As 'Very Revealing Moment'
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Tariffs heighten economic uncertainty and disrupt the efficiency and integration of global markets.
EU Commission vows to react firmly and immediately to Trump’s tariffs
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Summary
President Trump's announced reciprocal tariffs, aiming to match foreign tariffs on U.S. goods, could upset decades of trade agreements and provoke retaliation from partners like the EU and Canada. As Trump bolsters taxes on imports, including 10% on China and a potential 25% on steel, economists warn of negative impacts on consumers and global trade. Meanwhile, the UK government is introducing the 'Plan for Steel' to support its steel industry amid concerns about U.S. tariffs. The proposed tariffs include value-added taxes (VATs), complicating U.S. trade relationships as the administration formulates detailed calculations due by April 1.
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History
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