#TariffPause
President of the United States (US) Donald Trump stated that he could reimpose reciprocal import tariffs against several countries in the next two to three weeks.
This move has the potential to reignite a global trade war that has raised concerns about a recession in both the US and globally.
"Ultimately, I think we will get a great deal. But if we do not reach an agreement with a company or country, we will set the tariffs," Trump said at an event in the US Oval Office on Wednesday (April 23), as reported by CNN Business.
I think in the next two or three weeks we will set the numbers," he added.
On April 9, Trump had postponed the massive reciprocal tariff policy designed by his administration. The 90-day delay is intended to give trading partner countries time to negotiate with the US government.
So far, about 90 to 100 countries have expressed interest in negotiating, creating a significant challenge for US trade negotiators who are now racing against time.
If an agreement is not reached, new tariffs could be imposed of up to 50 percent on those countries, except for China, which previously had its tariffs set by the Trump administration at 145 percent.
However, it remains unclear whether the new tariffs to be applied later will permanently replace the postponed reciprocal tariffs, or will only be temporarily in effect while negotiations continue.
