US President Donald Trump announced on Friday that he intends to announce the imposition of customs duties on many countries next week, in a major escalation of his commercial war.
Trump did not specify the countries on which customs duties will be imposed, but he indicated that this will be a wide -ranging endeavor, which may also contribute to solving the problems of the American budget.
“I will announce that next week, so that there will be a reciprocal trade in which we have equal treatment with other countries … We do not want more than this,” Trump said.
This step is consistent with Trump’s promise to his campaign to impose customs duties on foreign imports equivalent to fees imposed by commercial partners on US exports.
Trump announced this during a meeting with visiting Japanese Prime Minister Shigero Ishiba, and said that customs duties on cars are still in debate, after reports stated that the White House was discussing possible exemptions.
Trump also said on Friday that it is possible to treat the American trade deficit with Japan, and added that the deficit can be simply settled through US oil and gas exports to Japan.
Fees for tax cuts
3 informed sources told Reuters that Trump informed Republican legislators of his plans while discussing the budget at the White House, Thursday.
Trump and his senior assistants said they intend to impose higher customs duties on foreign imports to help provide the necessary financing to expand Trump’s tax cuts in 2017, which independent budget analysts say may add trillion dollars to American debt.
The increase in customs duties may compensate for some of this cost, although it represented only about 2% of the annual returns in the past few years.
Trump announced the imposition of 25% customs duties on Canada and Mexico last Saturday, but he postponed this after a negative reaction from investors.
The largest commercial partner of the United States has agreed to increase law enforcement efforts on the border, a top priority for Trump.
https://www.youtube.com/watch?v=7rb2hc52rky
American losses due to Trump’s fees
On Friday, Wall Street continued her losses, after a Reuters report on Trump’s discussion with legislators.
The US consumer confidence index fell to the lowest level in 7 months in February, while a pessimistic view prevailed among Republicans as families’ evaluation of the possibility of an increase in inflation as a result of the customs duties imposed by Trump.
Trump and the Republican Party aim to reveal an ambitious tax package and spending at the weekend, after a 5 -hour meeting at the White House, on Thursday.
The package is facing a router in Congress, where Republicans control a slight majority in the House of Representatives and the elderly, and the Republicans are expected to rely on the complex budget rules to overcome the democratic opposition.
Trump’s candidate for the position of commercial representative of the United States, Jimson Jarir, said in a confirmation session on Thursday that other countries will have to reduce barriers to US exports if they want to maintain the possibility of entering the American market, and he singled out Vietnam.
“If my appointment is confirmed, I will have to go to these countries and explain to her that if they want to continue entering the United States markets, we need better reciprocal treatment,” Jarir added.
https://www.youtube.com/watch?v=vnqbt7fkxrg
Customs chaos
Meanwhile, Donald Trump suspended his administration on Friday to exempt the low -cost parcels coming from China from customs duties, giving the Ministry of Commerce time to make it possible to implement, after rapid change caused chaos with customs, postal services and retail online.
The cancellation of the minimum fees means that low -value e -commerce parcels that reach the United States from China must use the “official entry” process that requires additional information and graphics before entering the country, a process that takes much longer.
This transformation, which was notified just 48 hours before its implementation, led to the US Postal Authority to temporarily stop the acceptance of parcels from China and Hong Kong earlier this week.
A source said that the US Customs and Protection Authority responsible for examining the e -commerce parcels and collecting fees on it held a meeting, Thursday, with specialists in the field of logistical services to discuss the status of more than a million expelling expelled at John Kennedy International Airport in New York.
