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Trump announces “reciprocal tariffs”

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"American citizens were forced to sit on the sidelines as other nations got rich and powerful much of it at our expense. But now it’s our turn to prosper”

Trump announced on Wednesday imposing new “reciprocal” tariffs to promote US manufacturing, risking inflation and global trade wars.

The president used aggressive rhetoric to describe a global trade system that the United States helped to build after World War II, saying “our country has been looted, pillaged, raped, plundered” by other nations.

Trump declared a national economic emergency to launch the tariffs, expected to produce hundreds of billions in annual revenues.

He has promised that factory jobs will return back to the United States as a result of the taxes, but his policies risk a sudden economic slowdown as consumers and businesses could face sharp price hikes on autos, clothes and other goods.

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