19 hours ago
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Donald Trump has declared a national emergency in the United States due to the trade imbalance, according to a statement from the White House.
"Today, President Donald J. Trump declared that foreign trade and economic practices have created a national emergency, and his order imposes responsive tariffs to strengthen the international economic position of the United States and protect American workers..." the statement reads.
The White House added that Trump does not want other countries to take advantage of the United States.
On Wednesday evening, US President Donald Trump announced the introduction of reciprocal tariffs on imports from other countries. The base minimum rate will be ten percent, but for each country, the tariff will be adjusted to half of what they charge companies importing American goods. According to Trump, this measure will serve as a declaration of the United States' economic independence and will help utilize vast sums of money to pay off the national debt. For imports from EU countries, the tariff will be set at 20%.
Meanwhile, US Treasury Secretary Scott Bessent warned other countries against imposing retaliatory measures in response to American import tariffs, emphasizing that such actions could only provoke an escalation of trade tensions.
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