U.S. President Donald Trump declared a state of emergency in the country, citing the threat posed by the trade imbalance.
The White House released a corresponding statement.
Today, the President of the United States declared that the current foreign trade and economic policies have led to an emergency, and signed an executive order to impose retaliatory tariffs. These measures are aimed at strengthening the international economic position of the U.S. and protecting American workers, the statement said.
The White House emphasized that the prolonged trade deficit has weakened the country’s industrial base and made the defense industry dependent on foreign suppliers, including potential adversaries.
The Trump administration also stated that the president intends to prevent further exploitation of the U.S. as an economic lever by other countries.
On Wednesday evening, Trump announced the introduction of “reciprocal” import tariffs. The minimum base rate will be 10%, but for each country, the tariff will be set at half the rate they apply to American goods. According to Trump, this measure will symbolize U.S. economic independence and help direct “trillions and trillions of dollars” toward reducing the national debt.
A 20% tariff has been set for imports from European Union countries.
