President Donald Trump has signed an executive order imposing elevated tariffs on a wide array of imports to combat the significant U.S. trade deficit, which exceeded $1.2 trillion in 2024. Tariffs include a 35% tax on Chinese goods and a 20% tax on imports from the EU. The order aims to strengthen U.S. manufacturing and economic security, addressing concerns over reliance on foreign products and vulnerabilities in supply chains. The baseline 10% tax on all imports is set to commence soon, alongside country-specific rates.
"This trade deficit reflects asymmetries in trade relationships that have contributed to the atrophy of domestic production capacity, especially that of the U.S. manufacturing and defense-industrial base."
"Increased reliance on foreign products has compromised U.S. economic security by rendering U.S. supply chains vulnerable to geopolitical disruption and supply shocks."
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