- President Donald Trump signed off Thursday, Feb. 13 on reciprocal tariffs. This means the administration plans to impose tariffs on other countries that match the duties they impose on American products.
- Trump’s nominee for Commerce secretary, Howard Lutnick, said the tariffs could be implemented as soon as April 2.
- President Trump also is scheduled to meet with India’s Prime Minister on Thursday.
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President Donald Trump signed an executive order Thursday, Feb. 13 to impose sweeping reciprocal tariffs on countries across the globe. The move fulfills Trump’s campaign promise to match the higher rates other nations charge to import American goods and to solve what he has said are unfair trade practices.
“I have decided for purposes of fairness that I will charge a reciprocal tariff,” Trump told reporters. “We will charge them no more, no less. In other words, they charge us a tax or tariff, and we charge them the exact same tax or tariff. Very simple.”
The announcement happened in the Oval Office shortly before the president was set to meet with India Prime Minister Narendra Modi.
India is one of the developing countries where the reciprocal tariffs are likely to hit the hardest along with Brazil and Vietnam. It is possible the two leaders could reach an agreement that avoids or delays new tariffs on Indian exports to the U.S.
The reciprocal tariffs join the 10% across-the-board tariff that went into effect last week on top of other tariffs on Chinese goods and stricter 25% tariffs on steel and aluminum that Trump announced on Monday, Feb. 10.
Trump delayed the new 25% tariffs on Mexico and Canada until March 1.
How will tariffs impact Americans?
If Trump goes forward with those tariffs, Peterson Institute Researchers said the total direct cost of the import taxes on Chinese, Mexican and Canadian goods would amount to a tax hike of more than $1,200 per year for the typical American household.
Reciprocal tariffs would likely add to that number.
When will reciprocal tariffs go into effect?
Trump’s nominee for Commerce Secretary, Howard Lutnik said the reciprocal tariffs could be implemented by Trump as soon as April 2.
In addition to the reciprocal tariffs, President Trump said his advisers would meet in the coming weeks to discuss measures on cars, pharmaceuticals, chips and other goods.
