President Donald Trump on Thursday signed his plan for reciprocal tariffs on “both friend and foe” but delayed their implementation as his administration launches negotiations on a one-by-one basis with nations that could be impacted.
Up first is India, with Prime Minister Narendra Modi set to visit the White House later this afternoon for a series of meetings. Modi may try to use issues like energy as a means to blunt the tariff impact in his country.
Trump offered Thursday that he didn’t expect any exemptions or waivers, according to reporters in the room. He also charged that India has more tariffs than any other country.
“I will charge a reciprocal tariff, meaning whatever countries charge the United States of America, we will charge them,” Trump told reporters.
He added a charge of America’s trading partners that “in almost all cases they are charging us vastly more,” with both Trump and incoming Commerce secretary Howard Lutnick, who was standing at his side, promising that the coming duties will be customized for each country.
The studies of each country could be completed by April 1, Lutnick said, adding that the duties could then take effect as early as April 2.
National Economic Council Director Kevin Hassett told reporters earlier this week that Lutnick had already begun discussing reciprocal tariffs with other countries.
Lutnick, who is still awaiting Senate confirmation, will likely be joined in the talks soon by Jamieson Greer, Trump pick for trade representative who is also working his way through the Senate’s confirmation process.
Thursday action came after the president announced new 25% tariffs on steel and aluminum earlier this week and imposed 10% duties on China last week over issues of illegal drugs and migration.
