President Donald Trump said on Friday that he plans to announce reciprocal tariffs for many countries next week, adding that additional taxes could help reduce the country’s budget deficit.
The measure would fulfill Trump’s campaign promise to impose rates on US imports equal to those business partners impose on US exports. It was not immediately clear which countries would be affected.
Trump told Republican parliamentarians about his plans during budget discussions at the White House on Thursday (6), three family sources with the plan told Reuters. Trump and their main advisers have said they plan to use higher imports on imports to help pay the extent of 2017 tax cuts in their first term.
Increased rates could compensate for part of this cost, although they have only represented about 2% of annual revenues in recent years.
Trump announced 25% tariffs over Canada and Mexico on Saturday (1st), but postponed their application after a negative investor reaction. The two largest US business partners have agreed to increase border inspection efforts, one of the Republican’s main priorities.
Wall Street expanded losses on Friday after Reuters’ news about Trump’s discussion with parliamentarians.
This content was originally published in Trump promises to announce reciprocal tariffs to several countries next week on CNN Brazil.
Source: CNN Brasil
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