Washington DC [ US ], April 7 (ANI): US President Donald Trump defended his administration's implementation of reciprocal tariff Regarding different nations, emphasizing their financial deficit s the US faces with nations like China as well as the European Union, contending that tariff The only way to address these trade imbalances is through tariffs.
Donald Trump also criticised the trade surplus with these countries under former President Joe Biden , vowing to reverse it swiftly, while expressing his belief that tariff s would prove beneficial for the US .
Sharing a post on social media platform Truth Social on Sunday (local time), Trump wrote, "We have massive financial deficit s with China , the European Union, and numerous others. The sole solution to this issue is through tariff which are now generating tens of billions of dollars for the US A. They are currently active, and quite a splendid sight to see."
He added, "The surplus with these countries has increased during the 'Presidency' of someone often described as sluggish." Joe Biden We aim to turn this around swiftly, and one day people will come to realize that tariff Sure, "For the United States of America, they are truly a magnificent sight!"
As stated by the Office of the United States Trade Representative, US total goods trade with China were an estimated US D $582.4 billion in 2024. US goods exports to China in 2024 were US D $143.5 billion, decreased by 2.9 percent ( US D $4.2 billion) for 2023. US goods imports from China in 2024 totaled US D 438.9 billion, an increase of 2.8 percent ( US D $12.1 billion) for 2023. The US goods trade deficit with China was US D $295.4 billion in 2024, representing a 5.8 percent increase ( US D $16.3 billion) throughout 2023, according to the Office of the United States Trade Representative.
On the other hand, US total merchandise trade with the EU were an estimated US D $975.9 billion in 2024. US goods exports to the EU in 2024 were US D 370.2 billion, an increase of 0.7 percent ( US D 2.6 billion) starting in 2023. US goods imports from the EU totaled US D $605.8 billion in 2024, an increase of 5.1 percent ( US D $29.4 billion) for 2023. The US goods trade deficit with the EU was US D 235.6 billion in 2024, a 12.9 per cent increase ( US D 26.9 billion) over 2023.
On April 2, Trump announced a widespread imposition of tariff s on countries worldwide. In February, soon after taking charge for the second time, Trump outlined a new trade policy focused on fairness and reciprocity and said that the US would implement reciprocal tariff s, charging other countries the same tariff s they impose on American goods.
As per the announcements, the import tariff s on other major countries are China (34 per cent), the European Union (20 per cent), Vietnam (46 per cent), Taiwan (32 per cent), Japan (24 per cent), India (26 per cent), the United Kingdom (10 per cent), Bangladesh (37 per cent), Pakistan (29 per cent), Sri Lanka (44 per cent), and Israel (17 per cent).
From April 9 onwards, countries with the largest trade deficits with the US will face higher, individualised tariff s. India is one of the countries affected, with a 26 per cent tariff imposed on all its exports. (ANI)