Donald Trump. Photo: Chip Somodevilla/AP
On Sunday, 20 April, US President Donald Trump said that he was under pressure from world leaders to cancel the duties. He announced this on Truth Social, emphasising: “Many world leaders and business executives have asked me to lift tariffs. The world knows that we are serious.”
According to Trump, the US partners have been abusing their trade advantages for decades, and now they have to rectify the situation: “It’s not going to be easy for them.” The President stressed that Washington intends to restore national wealth and achieve true reciprocity in trade. As an alternative to the imposed tariffs, Trump suggested that foreign companies should develop business directly in the US.
On 2 April, Trump announced the imposition of tariffs on imports from more than 200 countries and territories, followed by a 90-day pause with a base rate of 10%. The President also stated that the US receives up to $2bn daily from the current tariffs.
However, Washington’s actions did not go unanswered: China responded with counter-duties of up to 125% and imposed restrictions on certain resources. The European Union also threatened 25 per cent duties on American goods, from diamonds to soybeans.
