US President Donald Trump‘s new ‘reciprocal’ tariffs has came into effect against many countries, including the 27% on India ad 104% on China.
These taxes have added more pressure to the ongoing global trade war, even as Trump administration says that many countries have reached out to them for early negotiations.
Trump was speaking at the National Republican Congressional Committee dinner in Washington when he said, “I know what the hell I’m doing.”
After 104% tariff came into effect against China, Trump said that he is also going to announce massive tariffs on pharmaceuticals “very shortly”.
He claimed that once he does that, the move will put pressure on the pharma companies to “leave China” and build their manufacturing plants in US instead.
At the same time, similar tariffs will also be applied to about 60 other countries. Trump has asked his trade team to work out special deals with any leaders who are willing to negotiate, US press secretary Leavitt added.
ASEAN needs to “act boldly” to speed up regional economic cooperation, as major US tariffs are causing problems for many countries caught in a growing trade war, the bloc’s chief leader said on Wednesday, reported AFP.
The 54% tariff isn’t the end - it’s evolution. Winners will leverage creativity, agility, and a shift from ‘cheap’ to ‘value’.