Gabriel Corsetti
The Trump administration’s new round of trade tariffs, announced on April 2, shocked the rest of the world and caused fears that global trade would be upended. President Donald Trump announced a sweeping 10 percent tariff on all countries exporting goods to the United States, and “reciprocal” tariffs on dozens of countries accused of applying unfair tariffs on U.S. exports. One of the main targets was clearly China, which got slapped with a 34 percent tariff across the board.
To date, the reciprocal tariffs have been placed on hold – except for the penalties on China, which have been hiked to 145 percent after several rounds of retaliation and escalation.
The America First Memorandum
The April 2 announcement had been in the making for several months. On January 20, Trump issued the “America First Trade Policy” presidential memorandum, mandating a comprehensive review of U.S. trade and economic policies. The memorandum required various government departments to make recommendations concerning trade deficits, unfair trade practices, and creating an External Revenue Service, and called for reviews of existing U.S. trade agreements, the de minimis exemption, and export controls.
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