Trump unveils controversial tariff plan to level trade playing field, sparking economic tensions

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Trump unveils controversial tariff plan to level trade playing field, sparking economic tensions - Business Mirror

Quick Summary:

WASHINGTON—President Donald Trump on Thursday rolled out his plan to increase US tariffs to match the tax rates that other countries charge on imports, possibly triggering a broader economic confrontation with allies and rivals alike as he hopes to eliminate any trade imbalances.

The White House has argued that charging the same import taxes as other countries do would improve the fairness of trade, potentially raising revenues for the US government while also enabling negotiations that could eventually improve trade.

Trump’s proclamation identifies value-added taxes—which are similar to sales taxes and common in the European Union—as a trade barrier to be included in any reciprocal tariff calculations.