Trump signs plan to impose reciprocal tariffs on trading partners

U.S. President Donald Trump signed a memorandum on Thursday directing his administration to determine “the equivalent of a reciprocal tariff with respect to each foreign trading partner.”

Trump said according to the memorandum, “it is the policy of the United States to reduce large and persistent annual trade deficit in goods and to address other unfair and unbalanced aspects of trade with foreign trading partners.”

On the same day, the White House issued a statement regarding Trump’s announcement of the fresh tariff policy, stating that Trump would introduce a “Fair and Reciprocal Trade Plan” to reduce the U.S. longstanding large trade deficit and address unfair and unbalanced trade issues with foreign trade partners.