Will announce reciprocal tariffs over two days, says Donald Trump

When asked about potential retaliation from other nations over tariffs, US President Donald Trump responded, 'I don't mind'

US President Donald Trump said on Monday (February 10) that he would unveil plans to impose reciprocal tariffs on other countries over the next two days.  

 

Speaking to reporters in the Oval Office as he signed two proclamations, Trump ended all exclusions on steel and aluminium tariffs originally imposed during his first term and raised duties on both metals to 25 per cent. He added that tariffs on cars, semiconductor chips, and pharmaceuticals were also under consideration.  

 

A US official stated that the exclusion process, initially introduced under Trump, had expanded excessively under former President Joe Biden, leading to the approval of hundreds of thousands of specific product exemptions.   

 

 

When asked about potential retaliation from other nations, Trump responded, "I don't mind". In an interview with Fox News, he argued that other countries had been imposing duties on US imports for years.  

 

"It's not fair that other countries have taken advantage of us for so many years, and now all of a sudden, we're not allowed to have tariffs," he said. Trump further said that he would announce a "very sophisticated plan" for the reciprocal tariffs, likely on Monday or Tuesday.  

 

Tariffs to be key discussion point during PM Modi's US Visit  

 

Trump's tariff announcement comes just ahead of Indian Prime Minister Narendra Modi's visit to Washington on February 13. Recently, Trump's top economic adviser, Kevin Hassett, told CNBC that India's "enormously high" tariffs were blocking imports. Trump has previously criticised India as a "big abuser" on trade while advocating for reciprocal tariffs. Discussions on trade and tariffs, particularly the reduction of import duties, are expected to be a focal point during PM Modi’s visit.  

 

The tariffs, which could heighten trade tensions and provoke countermeasures, will impact major steel and aluminium exporters such as Canada, Brazil, Mexico, and South Korea. Meanwhile, the European Union has condemned the move as "unlawful" and has threatened retaliatory action against the United States.