President Trump signed a memorandum outlining his plans to impose reciprocal tariffs on foreign nations (both allies and adversaries). The tariffs will be based on five areas: 1) tariffs imposed on U.S. products, 2) unfair taxes imposed by trading partners, 3) costs to U.S. businesses and consumers from another country’s policies, 4) exchange rates, and 5) any practices the trade representative’s office determines is unfair. The tariffs aren’t effective immediately. Trump said it would be “weeks” and no longer than “a few months” before the tariffs are enacted. U.S. commerce secretary nominee Howard Lutnick targeted April 2 as the date the tariffs will be in place. Stay tuned.
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