U.S. to Push for Reciprocal Tax on Trade
U.S. President Donald Trump said on Monday he would push for a “reciprocal tax” against countries, including U.S. allies, that levy tariffs on American products, but officials did not provide details on how such a tax would be structured or what goods it would apply to.
During his populist 2016 presidential campaign, Republican Trump railed at countries that had trade surpluses “taking advantage of the United States” and he revisited the theme on Monday. “We cannot continue to let people come into our country and rob us blind and charge us tremendous tariffs and taxes and we charge them nothing,” Trump told reporters at a White House event to announce a proposed infrastructure plan. Trump said his administration will impose a “reciprocal tax” to charge other countries – “some of them are so-called allies but they’re not allies on trade.”