The US President Donald Trump has declared that the United States will impose tariffs on nations that “harm” America, naming China, India, and Brazil as high-tariff nations.
Trump notified that they will impose tariffs on foreign nations and individuals who pose a serious threat to them. At a retreat in Florida on Monday, the first since he was elected president for a second term last week, Trump told House Republicans, “Well, they mean us harm, but they basically want to make their country good.”
He declared that they are going to prioritize America and observe what other people do. Along with Brazil, India, and many other nations, China is a huge tariff maker.
Further, Trump added that the US will set up a very fair system where money is going to come into their coffers and America is going to be very rich again and that it will happen “very quickly.” He told foreign business leaders in Davos to either make their products in America or pay tariffs.
The US should go back to the system that made it “richer and more powerful than ever before,” Trump emphasized.
He said that instead of taxing their citizens to enrich foreign nations, they should be tariffing and taxing foreign nations to enrich US citizens,” Trump stated in reference to his inaugural address last week.
“Under the American first economic model, as tariffs on other countries go up, taxes on American workers and businesses will come down and massive numbers of jobs and factories will come home,” he said.
Earlier, Trump has discussed imposing “100 percent tariffs” on the BRICS bloc, which also includes India. In order to avoid tariffs, Trump invited businesses to establish manufacturing facilities in the United States during his speech.
According to the president, the US will help businesses establish operations in the country, especially those in sectors like steel, semiconductors, and pharmaceuticals. Trump said his administration would also impose tariffs on copper, aluminum, steel, and other materials that the US military needs.
“To further return production to the United States, we’re going to environmentally free up our rare earth minerals” said the president in his address.
