US President Trump Announces New Customs Duties Initiative
In a recent statement, US President Donald Trump outlined his decision to impose mutual customs duties. He specified that tariffs will be considered for countries utilizing the value-added tax system.
During a press briefing at the White House, Trump remarked that America’s allies “are often worse than our enemies” in trade matters.
He emphasized the United States’ commitment to preventing circumvention of customs identification by ensuring no goods can be routed through intermediary countries without recognition. Specific measures will be put in place, including non-monetary recognitions such as vehicle testing.
The President noted that these non-monetary recognition rulings would entail trade restrictions, with Trade Minister Howard Lottenic tasked with providing detailed figures regarding these limitations and other non-customs barriers.
In his remarks, Trump mentioned that other nations have the option to reduce or eliminate customs acknowledgement. For instance, he highlighted that the European Union currently applies customs tariffs at a rate of 2.5%, describing this as a “great victory” for the U.S.
“The mutual customs recognition system will achieve justice,” Trump asserted, advocating for equal opportunities in trade. The President has signed an order pertaining to the mutual customs recognition of the United States and has directed the preparation of a comprehensive plan on this matter.
Trump characterized the European Union’s trade practices as “very violent,” acknowledging that while customs duties could potentially lead to increased prices in the U.S., he anticipates that the inflation rate will ultimately decline.
