President Trump declared a 10 percent baseline tariff on imports, excluding Russia due to existing sanctions. This move intensifies a global trade war, with significant impacts on key partners like China, Canada, and Mexico. The decision to omit Russia, amidst tensions regarding Ukraine, draws attention to the nuanced nature of international trade relations.
On Wednesday, US President Donald Trump announced his reciprocal tariff plan, imposing a baseline 10 percent tax on nearly all goods imported into the United States. This decision is expected to intensify a global trade war that may increase inflation and hinder economic growth both domestically and internationally. Trump’s address detailed the additional duties targeting major trading partners, including China, India, Japan, and the European Union, yet Russia was notably absent from the list.
White House spokesperson Karoline Leavitt clarified that Russia remains excluded from Trump’s tariff list due to existing US sanctions that limit substantial trade relations. Nonetheless, it is notable that the US conducts more trade with Russia than with less engaged countries such as Mauritius or Brunei. Surprisingly, Ukraine, amidst its conflict, is included in the tariff list with a 10 percent retaliatory levy.
The exclusion of Russia was particularly unexpected, especially following Trump’s recent comments expressing his anger towards President Vladimir Putin due to his critiques of Ukraine’s leadership. Trump indicated that a 25 percent tariff on Russian oil and related products would likely be implemented unless a ceasefire is achieved imminently.
In addition to Russia, other countries facing US sanctions, such as Belarus, Cuba, and North Korea, were also exempt from the new tariffs. In contrast, both Iran and Syria were subjected to additional tariffs of 10 percent and 40 percent, respectively. Furthermore, key trading partners like Canada and Mexico, previously targeted by Trump’s tariffs, were not impacted by this recent announcement. China continues to face severe penalties, with an additional levy that escalates its previous tariffs to a total of 54 percent.
President Trump’s recent tariff announcement entails a significant baseline tax on imports while notably excluding Russia from the list. This decision, influenced by existing sanctions and ongoing geopolitical tensions, underscores the complexities of US trade relations. The resultant tariffs are set to either affect or exempt various nations, revealing a strategic approach amidst ongoing global trade disputes.
Original Source: www.ndtv.com
