However: Wall Street is nervous with Trump’s philosophy
Trump says there will be no exemptions to tariffs on steel and aluminum
by Jessie YeungCNN
President Donald Trump said he does not intend to create exemptions to steel and aluminum rates and that additional sectoral tariffs will be imposed as well as reciprocal tariffs on 2 April.
Speaking to journalists aboard Air Force One on Sunday during a White House flight, Trump considered April 2 a “liberating day” for the United States.
“It will be reciprocal – in other words, whatever they are charging we will charge,” he said. “Then, besides, in cars, steel, aluminum, we will have some additional rates.”
Trump stated that previous administrations and “foolish presidents” wasted the American wealth. The US President added that “billions of dollars have entered our country” since it started to implement comprehensive tariffs that are part of a plan to allegedly correct commercial imbalances and rekindle domestic industry.
Earlier this month, Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest chip manufacturer, agreed to invest $ 92 billion in the US. Although Trump praised the agreement, at an event at the White House, some people in Taiwan, including an old president, compared him to a “protection rate” in exchange for continuous military and political support.
Last week, 25% tariffs imposed by Trump on all US -imported aluminum and steel entered into force and Canada and Europe immediately retaliated. When questioned on Sunday, he would consider the possibility of exempting these rates, he replied, “I have no intention of doing so.”
But it risks triggering a global trade war and can significantly increase prices for US consumers at a time when the US economy is already on unstable ground.
Aluminum imports, 2024
Aluminum imports, 2024
Aluminum imports, 2024
Wall Street has been nervous about the damage that Trump’s policies can inflict the US economy, with the American actions finishing last week in red and the main rates to fall into correction territory.
On Sunday, Trump acknowledged that the prices of daily consumer goods are high, but claimed the merit of having lowered them even higher, saying, “When I took office, the eggs were in the heights and now lowered 35% in a short period of time.”
He also stated that gas and energy prices were lowering and that the prices of food and other articles are the next.
Bulk egg prices fell in the first week of March, but that’s what retailers pay, not consumers. This may mean that prices will begin to go down in grocery stores, although experts have warned that they may rise again in April due to Easter and Pessach holidays.
