US president ratchets up trade war
\n WASHINGTON
\nPresident Donald Trump said on Wednesday he is imposing reciprocal tariffs to match duties put on US goods by other countries, in a move that ratchets up a trade war that he kicked off on his return to the White House.
\nThe sweeping duties would erect new barriers around the world\u2019s largest consumer economy, reversing decades of trade liberalization that have shaped the global order. Trading partners are expected to respond with countermeasures of their own that could lead to dramatically higher prices for everything from bicycles to wine. \u201cIt\u2019s our declaration of independence,\u201d Trump said at an event in the White House Rose Garden. Details of the tariffs were not immediately known as Trump
\ncontinued remarks that echoed his longstanding complaints that US workers and companies are hurt by global trade. The uncertainty has rattled financial markets and businesses that have relied on trading arrangements that have been in place since 1947.
\nThe administration has said the new tariffs will take effect immediately after Trump announces them, though it has not yet published the official notice required for enforcement.
\nThe administration, however, did publish an official notice that a separate set of tariffs on auto imports that Trump announced last week will take effect starting on April 3.
\nTrump has already imposed 20% duties on all imports from China and 25% duties on steel and aluminum and extended them to nearly $150 billion worth of downstream products. His advisers say the tariffs will return strategically vital manufacturing capabilities to the United States.
\nOutside economists have warned that tariffs could slow the global economy, raise the risk of recession, and increase living costs for the average US family by thousands of dollars.<\/p>\n","protected":false},"excerpt":{"rendered":"
US president ratchets up trade war WASHINGTON President Donald Trump said on Wednesday he is imposing reciprocal tariffs to match duties put on US goods by other countries, in a move that ratchets up a trade war that he kicked off on his return to the White House. The sweeping duties would erect new barriers […]<\/p>\n","protected":false},"author":2,"featured_media":470340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-470321","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n