BY C STONE | STONE NEWS NETWORK ||| WASHINGTON DC
President Trump has announced a new executive order which sets reciprocal tariffs against any nation which applies them to the United States of America.
President Trump spoke to the press pool within his office today, stating:
"On trade, I have decided for purposes of fairness, that I will charge a reciprocal tariff, meaning whatever countries charge the United States of America, we will charge them. No more, no less," Trump told reporters in the Oval Office.
"They effectively don't let us do business. So we're going to put a number on that that is a fair number. We're able to accurately determine the cost of these non-monetary trade barriers," Trump said.
The European Union is perhaps the largest, and one of the groups responsible for implementing tariffs. Canada, through trade, purchases 350 billion dollars worth of goods and services every year from the United States.
Other targets are China, India, Japan, and South Korea. We could be witnessing the start of a new economy - one where countries who charge the United States with the largest tariffs get the highest tariffs applied to them.
A White House official said they will study countries with the biggest trade surpluses and highest tariff rates first.
President Trump is encouraging companies to start manufacturing back in the United States of America. "If they did that, we wouldn't apply any tariffs." he said today while displaying the executive order.
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