The President said in a post on Truth Social ahead of an Oval Office press conference that he had instructed Secretary of Commerce Howard Lutnick, Secretary of the Treasury Scott Bessent, US Trade Representative Jamieson Greer and Senior Counselor to the President for Trade and Manufacturing Peter Navarro to do all the work necessary to deliver reciprocity to the US’ system of trade.
The named officials have until April 1 to create the new reciprocal tariff regime Trump has dubbed the “Fair and Reciprocal Plan,” after which the US will begin imposing reciprocal tariffs.
The senior officials will be examining non-reciprocal trading arrangements and determining an appropriate US tariff for each foreign trading partner.
“For many years, the US has been treated unfairly by other countries, both friend and foe. This system will immediately bring fairness and prosperity back into the previously complex and unfair system of trade. America has helped many countries throughout the years, at great financial cost,” Trump said in his Truth Social post.
“It is now time that these countries remember this and treat us fairly — a level playing field for American workers,” the President said.
A White House official told reporters in a conference call that US officials will look first at “the most egregious” examples of non-reciprocal trading arrangements, with a special focus on India, the EU and Japan.
After new tariffs are established, if any nations subsequently reduce their tariffs, the US will respond by reducing its reciprocal tariffs against that same nation, Trump said.
In his Truth Social post, the President explained how he views non-tariff costs and barriers.
“For purposes of this United States Policy, we will consider countries that use the VAT system, which is far more punitive than a tariff, to be similar to that of a tariff,” Trump said.
“Sending merchandise, product, or anything by any other name through another country, for purposes of unfairly harming America, will not be accepted,” he said. “In addition, we will make provision for subsidies provided by countries in order to take economic advantage of the United States.”
“Likewise, provisions will be made for nonmonetary tariffs and trade barriers that some countries charge in order to keep our product out of their domain or, if they do not even let US businesses operate,” Trump said.
“We are able to accurately determine the cost of these nonmonetary trade barriers. It is fair to all, no other country can complain,” he added.
Manufacturers also have the option of relocating to the US, where they would face no tariffs, the President said.
Trump also said he will be imposing tariffs on imported automobiles, pharmaceuticals and semiconductors in the coming months.
The President defended the Section 232 tariffs he imposed on steel and aluminium imports in his first administration and his recent move to restore 25% tariffs on Canada and Mexico.
“If I didn’t do the tariffs in my first term, you wouldn’t have one steel company here — they’re going to be thriving. You’re going to want to buy those steel companies like crazy,” he said.
“The tariffs have given US Steel a new lease on life,” and now the company can do well on its own without needing to be acquired by Nippon Steel or any other buyer, Trump said during the press conference.
