US President Donald Trump rattled the world after he announced sweeping reciprocal tariffs on Wednesday. Trump argued that these tariffs are being imposed to deal with the America’s sky rocketting trade deficit.
During his Wednesday address, Trump announced a 10 per cent blanket tariffs on all goods America imports. Apart from this, he introduced individualised higher tariffs on 60 nations, including India which got hit by 26 per cent of “discounted tariffs”.
Here’s a look at the executive order Trump signed.
Trump Tariff Executive Order | Full Text
By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.)(IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.)(NEA), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), and section 301 of title 3, United States Code.
I, DONALD J. TRUMP, President of the United States of America, find that underlying conditions, including a lack of reciprocity in our bilateral trade relationships, disparate tariff rates and non-tariff barriers, and U.S. trading partners’ economic policies that suppress domestic wages and consumption, as indicated by large and persistent annual U.S. goods trade deficits, constitute an unusual and extraordinary threat to the national security and economy of the United States. That threat has its source in whole or substantial part outside the United States in the domestic economic policies of key trading partners and structural imbalances in the global trading system. I hereby declare a national emergency with respect to this threat.
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