Israel and Syria agree to ceasefire, says U.S. ambassador to Türkiye
The U.S. ambassador to Türkiye says Israel and Syria have reached a ceasefire deal supported by Türkiye, Jordan, and regional actors after cross-bor...
U.S. President Donald Trump has directed his economic team to develop a plan for reciprocal tariffs on imports from countries that impose duties on U.S. goods, intensifying fears of a global trade war.
“On trade, I have decided for purposes of fairness, that I will charge a reciprocal tariff, meaning whatever countries charge the United States of America, we will charge them. No more, no less,” Trump said Thursday in the Oval Office.
The directive tasks Trump’s team with calculating tariffs that match those imposed by other countries, as well as counteracting non-tariff barriers such as stringent vehicle safety regulations and value-added taxes that make U.S. exports more expensive. The order, however, does not immediately implement new tariffs, instead initiating an investigative process that could take months.
Global Trade Implications
Key targets of this initiative include China, Japan, South Korea, and the European Union. Trump’s protectionist stance has sparked concern among U.S. allies and heightened fears of retaliatory measures. Economists warn that escalating trade tensions could fuel inflation, potentially impacting Federal Reserve decisions on interest rates.
Market reactions were mixed. While initial fears of immediate tariffs caused fluctuations, Wall Street stabilized, with U.S. stocks rising and Treasury yields falling. Global markets also saw gains, with a key stock index hitting a record high.
Commerce Secretary’s Role and Timeline
Howard Lutnick, Trump’s nominee for Commerce Secretary, emphasized that the administration would evaluate each country individually. Studies on the tariff imbalances are expected to be completed by April 1, aligning with Trump’s broader economic agenda to reduce trade deficits.
Trump acknowledged that tariffs could increase consumer prices in the short term but defended them as a necessary tool for long-term trade fairness. “Tariffs are great,” he remarked.
A White House official stated that the administration would prioritize countries with significant trade surpluses and high tariff rates. The goal is to counteract measures such as government subsidies, restrictive regulations, and exchange rate policies that disadvantage U.S. exports.
“They effectively don’t let us do business,” Trump said. “So we’re going to put a number on that that is a fair number. We’re able to accurately determine the cost of these non-monetary trade barriers.”
As the administration advances its trade agenda, the impact of reciprocal tariffs on global trade relations and the U.S. economy remains uncertain. Observers anticipate responses from affected nations, which could further complicate international trade dynamics.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
Germany's export slump since 2021 is largely driven by deep-rooted competitiveness issues, the Bundesbank warned in its latest report, calling for urgent structural reforms.
Israeli researchers have unveiled an artificial intelligence tool that can determine a person’s true biological age from tiny DNA samples with remarkable precision.
Two Harry Potter actresses, Emma Watson and Zoe Wanamaker, have each received a six-month driving ban after separate speeding offences, both sentenced on the same day at a Buckinghamshire court.
North Korea has stopped foreign tourists from visiting its new Wonsan-Kalma resort just weeks after it welcomed the first Russian visitors.
U.S. President Donald Trump says Coca-Cola has agreed to use real cane sugar in the U.S., though the company has not confirmed the claim.
The U.S. ambassador to Türkiye says Israel and Syria have reached a ceasefire deal supported by Türkiye, Jordan, and regional actors after cross-border strikes this week heightened tensions.
The Trump administration has completed a controversial prisoner swap with Venezuela, returning around 250 deported Venezuelans in exchange for 10 American detainees.
Congo and the M23 rebel group have agreed on a declaration of principles after months of Qatar-mediated talks, aiming to end fighting in the country’s east.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment