White House National Security Advisor Mike Waltz wrote today (April 3): "Today, President Trump announced that international trade and economic practices have created a national emergency, and his order implements retaliatory tariffs to strengthen the U.S. position in the global economy and protect American workers."
The United States has fully launched a global trade war. A 34% tariff will be imposed on China, 32% on Taiwan, 46% on Vietnam, 49% on Cambodia, 44% on Myanmar, 44% on Sri Lanka, 48% on Laos, 47% on Madagascar in Africa, 37% on Botswana, and 30% on South Africa. A 20% tariff will be levied on the EU. Canada and Mexico were already subject to a 25% tariff last month and are not included in this round of reciprocal tariffs.
Trump cited the International Emergency Economic Powers Act (IEEPA), which allows the president to declare a state of emergency when the country faces an "unusual and extraordinarily severe threat," and implement economic restrictions. Trump believes that the current trade deficit and economic competition pose such a threat to the United States. Trump hopes to revitalize American industry and manufacturing through tariff policies, reduce the trade deficit, and protect American workers. He views tariffs as a tool to enhance America's position in the global economy. Trump said that by launching a global trade war, domestic employment and domestic manufacturing will return to the U.S., heralding a golden age for America.
The comprehensive imposition of tariffs by the U.S. erects new trade barriers and reverses the process of trade liberalization that has shaped the global order over decades. It is expected that countries will adopt countermeasures.
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Source: https://www.toutiao.com/article/1828337045767556/
Disclaimer: The article reflects only the author's personal opinions.