President Donald Trump said Friday that he plans to announce reciprocal tariffs to many countries next week, adding that taxes could help reduce the country’s budget deficit.
The measure would fulfill Trump’s campaign promise to impose tariffs on imports to the United States equal to the fees that commercial partners charge US exports.
It was not clear immediately which countries would be affected, since the details of the proposal were unknown.
Trump informed Republican legislators of their plans during budgetary discussions in the White House on Thursday, the sources said.
The president and his main advisors have said they plan to wear higher tariffs on foreign imports to help pay the extension of Trump’s tax cuts in 2017.
Raising enough money in tariffs so that despite the US budget it would be difficult, since they have represented only about 2 % of the annual income in recent years.
Trump announced 25 % tariffs to Canada and Mexico on Saturday, but delayed them after a negative reaction of investors. The two largest business partners in the United States agreed to increase efforts to enforce the law on the border, one of Trump’s main priorities.
Wall Street deepened losses on Friday after a Reuters article about Trump’s discussion with legislators.
Trump and the Republicans intend to announce their ambitious tax and expenses package this weekend, after a five -hour meeting at the White House on Thursday.
However, they face a stony path in Congress, where Republicans have meager majorities in both the House of Representatives and in the Senate. They are expected to support arcane budget norms to overcome the Democratic opposition, which will force them to work in unison.
Trump plans to have dinner with the Senate Republicans on Friday and attend the Super Bowl with the president of the House of Representatives, Mike Johnson, Sunday.
In a confirmation hearing on Thursday, Trump’s commercial representative candidate Jamieson Greer said that other countries will have to reduce US exports barriers if they want to keep access to the United States market, and particularly mentioned Vietnam.
“I need, if I am confirmed, go to these countries and explain that if you want to enjoy continuous access to the United States market, we need to have a better reciprocity,” Greer said.
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