Kevin Gassett, director of the US National Economic Council. Photo: Anna Moneymaker/Getty Images
The new large-scale tariffs announced by US President Donald Trump have caused a diplomatic wave around the world. According to White House economic adviser Kevin Gassett, more than 50 countries have already asked Washington to start negotiations on trade terms in an attempt to soften the blow from the US customs policy, Reuters reports.
Washington has imposed a base duty of 10% on imports, with additional charges for individual countries depending on the level of their trade surplus with the US and the structure of their tax policies. In particular, the European Union faces duties of up to 20% and Chinese imports up to 34%. Strategic industries, such as steel, aluminium, automobiles and components, will be subject to a 25% tariff.
Despite the expectations of inflationary pressures, the White House is convinced that this will not seriously harm the US consumer. “I don’t think consumers in the US will feel it much. But workers will benefit – we’re protecting them from unfair competition,” Gassett said. He stressed that the main purpose of the duties is to restore production in the US, reduce the foreign trade deficit and support the national economy.
At the same time, Russia, Belarus, Cuba, and North Korea were not included in the list of countries subject to the new duties. As Gassett explained, the reason is the active negotiations between Washington, Moscow and Kyiv to end the war in Ukraine. “The president doesn’t want to mix trade issues with security issues, but that doesn’t mean Russia will get a free pass,” he added.
Meanwhile, analysts warn that the duties could lead to higher prices and slower consumption in the US, as well as provoke global trade wars, where the EU and China are already preparing mirror measures.
