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U.S. President Donald Trump on Wednesday announced a new global tariff policy during an event at the White House, introducing what he called "reciprocal tariffs" on a range of countries.
“In many cases, the friend is worse than the foe in terms of trade,” Trump said.
Speaking about U.S. trade partners, particularly Mexico and Canada, Trump added: “We subsidize a lot of countries and keep them going and keep them in business. Why are we doing this? At what point do we say, ‘You’ve got to work for yourselves’?”
“We are finally putting America first,” Trump declared.
“Trade deficits are no longer merely an economic problem. They are a national emergency,” he said.
Trump held up a display board showing the new tariff rates, which ranged from 10% to 49%. He noted that, in most cases, the U.S. tariffs were about half the rates those countries charged on American goods. In some cases, the U.S. will now match those rates.
“This is not full reciprocal—it is kind reciprocal,” Trump said.