Trump Signals Broad Scope for Reciprocal Tariffs, Jolting Global Markets
United States President Donald Trump indicated that his planned reciprocal tariffs, to be announced on April 2, will apply to “all countries,” Al Jazeera reports.
Speaking to reporters on Air Force One on Sunday, Trump stated the tariffs would “start” with all countries.
“Essentially, all of the countries that we’re talking about,” he said.
This announcement follows prior indications from the Trump administration that the tariffs would be more narrowly focused. White House economics advisor Kevin Hassett had suggested the measures would primarily target 10 to 15 countries accounting for the bulk of the US trade deficit. Trump himself had also described the upcoming tariffs as “very lenient.”
While specific details remain unclear, the administration has stated the reciprocal tariffs aim to impose duties equal to tariffs and non-tariff barriers, such as subsidies, imposed on US exports.
Trump, who recently announced a 25 percent tariff on all auto imports, has long maintained that other countries are exploiting the US in trade, arguing protectionist measures are necessary to revive domestic manufacturing and create jobs.
These tariffs, particularly those on cars and vehicles, have strained relations with key US partners, including Canada, the European Union, and Japan.
Trump has stated he is “certainly open” to making deals with countries to avoid the tariffs after the April 2 announcement.
Asian stock markets reacted negatively to the news on Monday, anticipating disruption to global trade. As of 03:00 GMT:
- Japan’s Nikkei 225: Down 3.85 percent
- South Korea’s KOSPI: Down 2.55 percent
- Australia’s ASX 200: Down 1.56 percent
- Hong Kong’s Hang Seng: Down 1.20 percent
Gold, often seen as a safe-haven asset during market volatility, rose above $3,100, reaching a record high of $3,106.79 per ounce.
