The US launches a reciprocal tariff plan that does not discriminate between allies and rivals.

US President Donald Trump has signed into law a plan to impose retaliatory tariffs indiscriminately on both allies and adversaries, marking a significant escalation in the trade war that economists say could lead to domestic inflation.

Manzanillo port in Manzanillo (Mexico) on February 14, 2023

"Regarding trade, for the sake of fairness, I will impose reciprocal tariffs, meaning the U.S. will tax any country that taxes the U.S. No more, no less," Reuters quoted President Trump as saying at a press conference in the Oval Office today, February 14.

Trump signed a plan directing his team to begin calculating tariffs in a way that mirrors those imposed on the U.S., while also addressing non-tariff barriers such as vehicle safety regulations that limit the quantity of goods imported from the U.S.

President Trump's directive on February 13th initiated investigations lasting weeks or months into tariffs imposed by other countries on American goods and led to retaliatory measures.

The US administration's targets include China, Japan, South Korea, and the European Union (EU). President Trump's latest move has heightened concerns about the risk of an expanding trade war globally and threatens escalating inflation in the US, according to Reuters, citing warnings from analysts.

Howard Lutnick, the nominee for U.S. Commerce Secretary, said the Trump administration would investigate tariffs across countries and that everything would be finalized by April 1.

Before President Trump met with the press in the Oval Office, an unnamed White House official said that countries with the largest trade surpluses with the U.S. would be investigated first, as would countries imposing the highest tariffs, according to AFP.

According to this official, the tariffs will be adjusted to suit each of America's trading partners, taking into account the tariffs that those partners are applying to American goods.

Taxes such as value-added tax (VAT) are also included in the review plan, as the Trump administration considers them "discriminatory."

Source: https://thanhnien.vn/my-khoi-dong-ke-hoach-thue-quan-doi-ung-khong-phan-biet-dong-minh-doi-thu-185250214062018623.htm