On August 1, President Donald Trump signed an executive order imposing higher tariffs on dozens of countries just hours before a trade deal deadline. Defending the move, Trump said these tariffs should have been implemented years ago and that the extra revenue would help the US pay down its national debt. He noted that the country is set to collect hundreds of billions of dollars from these tariffs, more than ever before, with the aim of creating fairer trade relationships.
Trump emphasized that his goal is not to gain leverage but to establish reciprocal tariffs wherever possible. He recalled starting this approach during his first term with China but was interrupted by the COVID-19 pandemic. While he acknowledges that some countries might find the tariffs difficult to handle, he stressed the overall benefit to the US economy from the increased income.
This action is part of Trump’s broader strategy to reshape global trade in favor of American businesses by penalizing countries that refuse fair agreements. Earlier in April, he announced tariffs of up to 50% on imports from countries with which the US has trade deficits. The new order raises tariffs between 10% and 50% on 69 countries, including Syria, Canada, Brazil, India, Switzerland, and Taiwan, while lowering tariffs on Pakistan.
