Washington$TRUMP
— Former U.S. President Donald Trump has issued a significant statement on his social media platform announcing that his proposed "Reciprocal Tariffs" policy will officially take effect tonight. The aim of these measures is to retaliate against those countries that have been taking advantage of the U.S. economically for years.
Trump said that these tariffs will take effect tonight at 12 AM (Eastern Time), under which tariffs ranging from 10% to 41% will be imposed on goods imported from 69 countries. Additionally, extra tariffs of 25% and 35% will be levied on the United States' close trading partners Canada and Mexico, respectively.
Trump claimed that these measures would bring billions of dollars back to America and strengthen the national economy. He also mentioned that only an "extremely leftist court" could prevent America from becoming great, which wants to see the country fail.
Trade Agreements with Other Countries
The Trump administration has also made several new trade agreements with different countries in recent months:
Japan has promised to increase its purchase of American agricultural products by $8 billion and invest $550 billion.
South Korea has agreed to open its market for American products, vehicles, and agricultural goods.
The European Union has agreed to invest $600 billion in the United States and purchase $750 billion of American energy products.
Expert Opinions
Experts say that these tariffs could ultimately impose a financial burden on American consumers, as the increase in prices will result from the cost of imported goods rising. Additionally, this policy could prove dangerous for the global trading system, potentially leading to economic instability worldwide.