US to impose 'reciprocal taxes' on trading partners

ANI | Updated: Mar 02, 2018 21:46 IST

Washington DC, [United States of America] Mar 2 (ANI): A day after announcing stiff tariffs on steel and aluminum, United States President Donald Trump said that he plans to impose "reciprocal taxes" on imports from all trading partners to reduce the US trade deficit.

Taking to his Twitter page, he wrote, "When a country Taxes our products coming in at, say, 50%, and we Tax the same product coming into our country at ZERO, not fair or smart."

"We will soon be starting RECIPROCAL TAXES so that we will charge the same thing as they charge us. $800 Billion Trade Deficit-have no choice!" he added.

On Thursday, Trump had said that he would announce new tariffs of 25 percent on imported steel and 10 percent on aluminum from all countries that send metals to the US.

The move had drawn flak from the US lawmakers with the Dow Jones industrial average losing 420 points on the day he announced it.

The US President later defended the new tariffs in a series of tweets, writing "We must protect our country and our workers. Our steel industry is in bad shape," Trump tweeted. "IF YOU DON'T HAVE STEEL, YOU DON'T HAVE A COUNTRY!"

"When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don't trade anymore-we win big. It's easy!", read another tweet.