President Donald Trump says new tariffs he is set to announce this week will hit all countries, not just those that have the biggest trade imbalances with the US.
The comments come as he prepares to unveil a massive slate of import taxes on Wednesday, in what he has called America’s “Liberation Day”.The measures will come on top of tariffs already imposed by Washington on aluminium, steel and vehicles, along with increased levies on all goods from China.
Share markets in Asia fell in early trade on Monday as investors fret over the impact of the tariffs on the global economy.
“You’d start with all countries,” Trump told reporters on Air Force One.
“Essentially all of the countries that we’re talking about.”
The president’s latest comments came despite last week suggesting he might scale back his tariff plans and impose tariffs in some cases at lower rates than countries charge the US.
White House economics adviser Kevin Hassett also recently told the Fox Business channel that the tariffs would focus on 10 to 15 countries that have the worst trade deficits with the US, but did not name them.
Trump sees tariffs as a way of protecting the US economy from unfair competition and as a bargaining chip for getting better trading terms for America.
