Former President Donald J. Trump speaks at a news conference on Thursday, starting at 10 a.m. EDT (1400 GMT). To start, he’s going to dig into that big trade deal involving the United States. His recent tariff increases on several countries and goods had already prepared the field for this announcement. It is a watershed date in American trade policy. The mayors’ news conference will feature a lineup of representatives from one of the world’s most revered superpowers. Trump has yet to disclose which country it is.
Over the past few months, Trump has made aggressive moves to remake U.S. trade relationships. He followed through on his threat to impose a 25% tariff on automobile, steel, and aluminum imports, which applied to Canada and Mexico. What’s more, he implemented an outrageous 145% tariff on imports from China. Notably, these measures have ignited conversations between trading partners and have been lauded for their innovative approaches while facing significant opposition.
Since April 2, 2018, Trump’s administration subjected a 10% tariff on all countries. On top of that, they have proactively consulted with affected international stakeholders to find their way through the consequences of these trade ties. Even though some of the ratcheted-up tariff rates have been suspended for at least 90 days, higher tariffs have been left in place for most trading partners.
This means that so far, despite soaring rhetoric, Trump has just scratched the surface of what he could do. He recently rolled out $50 billion in new tariffs and declared that this is only the beginning. He wouldn’t say which other countries could be affected. This uncertainty leaves many unclear about where U.S. trade policy is headed and what that means for global markets.
Trump is busy negotiating with current partners. A move towards bilateral agreements The President spoke about looking into possible trade agreements with countries such as India, South Korea, and Japan. His administration should take the plunge in assessing these opportunities in the next two weeks. This tireless initiative will profoundly influence the future of international trade.
The first news conference scheduled for this week will be a watershed event for Trump’s young administration. It seeks to reestablish its trade policy priorities and provide transparency on upcoming agreements. As you might expect, global markets have been in turmoil over these new developments. Stakeholders are closely monitoring the situation, looking for signs of a policy pivot.