‘Today Is the Big One’: Trump Set to Sign Sweeping Reciprocal Tariffs

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The Trump administration is aiming to remedy unfair global trade with reciprocal tariffs.

President Donald Trump is set to sign an executive order that raises U.S. tariffs to rates matching other countries.

“Three great weeks, perhaps the best ever, but today is the big one: Reciprocal tariffs!!! Make America Great Again!!!” Trump wrote in all caps on his social media platform Truth Social on Feb. 13.

The president had signaled earlier this week that he would announce reciprocal tariffs, telling reporters that he would impose levies on “every country” that implements import duties on the United States.

“The world has taken advantage of the United States for many years, it charges massive tariffs that we haven’t charged,” Trump said at the Oval Office on Feb. 12.

“We’re going to be doing reciprocal tariffs, which is whatever they charge, we charge very simply.”

White House officials say the president will reveal further details before he meets with Indian Prime Minister Narendra Modi.

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It’s unclear if the United States plans to install reciprocal import duties on India.

In an interview with CNBC on Feb. 10, Kevin Hassett, Trump’s top economic adviser, said that the two leaders have a lot to discuss.

“Almost every trading partner has much higher tariffs than we do,” Hassett told the business news network.

The United States maintains a $45.6 billion trade deficit with India.
World Bank figures also reveal a gap in tariff rates between the two nations. In 2022, the U.S. average tariff rate on imports from India was 3 percent. Conversely, India’s average tariff rate on imports from the United States was 9.5 percent.
Overall, according to the World Trade Organization, India’s average tariff is 17 percent. By comparison, the average U.S. tariff rate is 3.3 percent.

Speaking at a campaign rally in Michigan in September 2024, Trump described India as a “very big abuser” regarding global trade but called Modi a “fantastic man.”

“They’re at the top of their game, and they use it against us. But India is very tough,” Trump said.

Modi and Trump could discuss India’s plans to purchase more U.S. liquefied natural gas (LNG) as part of the new administration’s eliminating a ban on export permits for new projects.

India, the world’s fourth-largest LNG importer, could boost national LNG consumption to 15 percent by 2030 from 6.2 percent.

“Indian oil companies are talking to U.S. companies for additional LNG sourcing,” Oil Secretary Pankaj Jain said on Feb. 10.

U.S. LNG exports have gradually increased since 2018 but have plummeted after reaching an all-time high in May 2024.

Based on GDP, India is the world’s fifth-largest economy, sandwiched between Germany and the UK.

U.S. President Donald Trump and Indian Prime Minister Narendra Modi shake hands before their meeting at Hyderabad House in New Delhi, India, on Feb. 25, 2020. (AP Photo/Alex Brandon)

U.S. President Donald Trump and Indian Prime Minister Narendra Modi shake hands before their meeting at Hyderabad House in New Delhi, India, on Feb. 25, 2020. AP Photo/Alex Brandon

According to D.K. Srivastava, EY India’s chief policy adviser, the country is poised to become the third-largest economy by 2028, overtaking Germany and Japan.

“While most advanced economies (AEs) are facing an economic slowdown, chronic shortages, high inflation, and aging populations, the Indian economy is acknowledged to be the fastest-growing large economy by major multilateral organizations, including the IMF,” he wrote, referring to the International Monetary Fund.
As the economy expands, BP estimates that domestic energy demand will grow by as much as 90 percent over the next 25 years.

Tariff Plans

In the early days of his administration, Trump’s actions have indicated that tariffs would be a core component of his economic agenda.

Trump instituted 25 percent tariffs on goods from Canada and Mexico. He eventually agreed to a 30-day pause, allowing officials in neighboring North American countries to employ their border strategies to combat illegal immigration and curb the flow of fentanyl and other drugs.

The president also slapped 25 percent tariffs on all steel and aluminum duties, receiving criticism from U.S. trading partners.

“Tariffs on Canadian steel and aluminum would be entirely unjustified,” Canadian Prime Minister Justin Trudeau told reporters at an international artificial intelligence summit in Paris on Feb. 11.

European Commission President Ursula von der Leyen echoed Trudeau’s remarks, calling Trump’s tariffs “unjustified.”

“I deeply regret the US decision to impose tariffs on European steel and aluminum exports,” she said in a statement. “Unjustified tariffs on the EU will not go unanswered—they will trigger firm and proportionate countermeasures.”

Hassett noted that Trump was concerned that his predecessor granted numerous tariff waivers.

“So steel capacity went way up, and then all of a sudden, there’s waivers for this and waivers for that. There’s hundreds and thousands of waivers,” Hassett told CNBC. “So President Trump, as he can do, is like, ‘Okay, so let’s just stop the waivers,’ and he’ll do so at a time of his choosing.”

Reuters contributed to this report.

Original News Source Link – Epoch Times

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