U.S. President Trump stated on Wednesday that he may reimpose 'reciprocal' tariffs on certain countries within two to three weeks, which could escalate the global trade war and further intensify concerns about a recession in the U.S. and global economy. Trump said, 'If we cannot reach an agreement with a company or country, we will impose tariffs. We will decide the numbers in the next two to three weeks.'
On April 9, Trump suspended the large-scale 'reciprocal tariffs' action to allow countries to negotiate with the United States. The Trump administration stated that about 90 to 100 countries expressed a willingness to negotiate. If an agreement cannot be reached, Trump may impose tariffs of up to 50% on these countries, while China maintains its tariffs of up to 145%.
It is currently unclear whether the new tariffs will permanently replace the previously suspended 'reciprocal tariffs' or if they are just a temporary measure during negotiations. The United States currently imposes a general tariff of 10% on almost all imported goods, with some goods facing even higher tariffs. Additionally, the White House reiterated that the U.S. will not unilaterally reduce tariffs on China; the Chinese side must first make concessions, reversing the previous stance of showing weakness toward China with expected tariff reductions. The uncertainty of U.S. trade is driving up the value of safe-haven assets, with Bitcoin prices climbing to $93,000, marking a weekly increase of 10%.
