Trump Unveils Massive Tariff Plan to Slash $1.2 Trillion Trade Deficit: ‘Access To The American Market Is A Privilege’

President Donald Trump declared a national emergency to unveil his list of reciprocal tariffs on some of America’s biggest trade partners.
This act by the White House marks the biggest upheaval in global trade in decades, which Trump claims is being done to ‘strengthen the international economic position of the United States’ and ‘protect American workers.’
What Happened: On Wednesday, Trump invoked his authority under the International Emergency Economic Powers Act of 1977 to declare a state of emergency and enact reciprocal tariffs to address ‘the large and persistent trade deficit’ experienced by the United States.
A White House ‘Fact Sheet’ accompanying the President’s announcement lays out the list of tariffs imposed on imports into the U.S. and the countries that are being subjected to them, as Trump emphasizes the golden rule of trade: ‘Treat us like we treat you.’
Here’s a complete rundown of what the fact sheet entails, with a spotlight on key points and what they each mean for the U.S., as well as the global economy.
See Also: Trump’s ‘Reciprocal Tariff’ Plan Hits Market Confidence As Dow Futures Drops Over 830 Points
1. Address Trade Deficit & Unfair Practices
The fact sheet states that the United States suffered a $1.2 trillion trade deficit in 2024, which was largely ‘ignored by prior leadership.’ Going on to state that such persistently high deficit levels year after year are an unsustainable crisis and need to be addressed.
The countries that drive this deficit include China at $270 billion, and Mexico at $160 billion, followed by Vietnam, Ireland, and Germany at $110 billion, $80 billion, and $76 billion, respectively.
It holds the pernicious economic policies and unfair trade practices of its largest partners responsible for this, highlighting the tariffs charged by countries such as India and Turkey, going as high as 60% on Apples, 70% on passenger car imports, and 80% on rice husks.
The White House says American companies are charged nearly $200 billion in value-added taxes each year …Full story available on Benzinga.com

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