
US President Donald Trump said on Monday he would be “very kind” to trading partners when he unveils further tariffs this week, risking global turmoil to address what he says are unfair trade imbalances.
Trump — who has been making unprecedented use of presidential powers since taking office in January — said he could announce as early as Tuesday night exactly what “reciprocal tariffs” will be imposed.
The Republican billionaire insists that reciprocal action is needed because the world’s biggest economy has been “ripped off by every country in the world”, and is promising “Liberation Day” for the United States.
But he told reporters Monday: “We’re going to be very nice, relatively speaking, we’re going to be very kind.”
Critics warn that the strategy risks a global trade war, provoking a chain reaction of retaliation by major trading partners like China, Canada and the European Union.
Already, China, South Korea and Japan have agreed to strengthen free trade between themselves.
But Trump said he was not worried that his action would push allies toward Beijing, adding that a deal on TikTok could also be tied to China tariffs.
White House Press Secretary Karoline Leavitt said the goal on Wednesday would be to announce “country-based tariffs”, although Trump remains committed to imposing separate, sector-specific charges.
The uncertainty has jolted markets with key European and Asian indexes closing lower, although the Dow and broad-based S&P 500 eked out gains.
Market nervousness intensified after Trump said Sunday his tariffs would include “all countries.”
The Wall Street Journal reported that advisers have considered imposing global tariffs of up to 20 per cent, to hit almost all US trading partners. Trump has remained vague, saying his tariffs would be “far more generous” than ones already levied against US products.
spoke with Trump on “productive negotiations” towards a UK-US trade deal, while German Chancellor Olaf Scholz said the EU would respond firmly to Trump but is open to compromise.
It is “entirely possible” for fresh tariffs to be swiftly reduced or put on hold, said Greta Peisch, a former official at the US Trade Representative’s office.
In February, Washington paused steep levies on Mexican and Canadian imports for a month as the North American neighbors pursued negotiations.