Trump Is Preparing New Tariffs for 60 Countries, Despite Officials' Warnings — FT
U.S. President Donald Trump is preparing to impose new import tariffs on 60 countries as early as this week. At the same time, officials in his administration are warning that such a move could cause economic turmoil in the run-up to the midterm elections.
According to sources cited by the Financial Times, officials have already prepared several options, as the current 10 percent tariffs are set to expire at the end of this week. The new package calls for tariffs ranging from 10% to 12.5% on 60 countries.
At the same time, some administration officials are urging the president to refrain from imposing new restrictions. They recommend maintaining stability in trade relations with partners and adhering to existing agreements to avoid negative consequences for the U.S. economy ahead of the elections.
According to the publication, following investigations into the supply of critical raw materials and aircraft components, advisers also recommended that the White House prioritize negotiations with trading partners over the imposition of new tariffs.
At the same time, the Trump administration continues to conduct a series of trade investigations that could provide a legal basis for imposing even higher tariffs.
In particular, in March, the U.S. launched an investigation under Section 301 of the Trade Act of 1974, as well as an inquiry into excess production capacity. These investigations cover a number of Washington’s key trading partners, including the European Union, China, India, Japan, South Korea, Vietnam, Taiwan, Mexico, Bangladesh, as well as Singapore, Switzerland, Norway, Indonesia, Malaysia, Cambodia, and Thailand.
This was reported by the Financial Times.
As a reminder, U.S. President Donald Trump signed three executive orders imposing 50% tariffs on certain categories of Canadian imports. The new restrictions will supplement existing trade measures on goods from Canada.
The United States will impose 25% tariffs on certain goods from Brazil following findings of unfair trade practices by that country. The tariffs, which the U.S. announced last month, will take effect on July 22.
