The Trump administration is set to unveil a system of reciprocal tariffs, starting April 2, which will provide countries with a tariff figure representing the cost of their trade barriers against U.S. exports. Treasury Secretary Scott Bessent revealed that the aim is to negotiate lowered barriers or enforce these tariffs. The administration is deliberating on how to determine the tariffs; options include specific item adjustments or an average country rate. This follow-up to President Trump's earlier announcement emphasizes addressing not only tariffs but also unfair practices like currency manipulation.
"On April 2, each country will receive a number that we believe represents their tariffs, which could vary significantly between nations, reflecting trade barriers."
"The reciprocal tariffs aim to match what other countries charge on American exports and consider practices the U.S. sees as unfair, such as currency manipulation."
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