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Trump unveils 'Fair and Reciprocal' order on tariffs, warns of consumer pain ahead

President Donald Trump has announced plans to increase U.S. tariffs to match foreign tax rates on imports, and has ordered agencies to investigate plans for new reciprocal levies that could boost America’s revenues. Commerce Secretary nominee Howard Lutnick said he anticipates the investigation will be complete by April 1st. It is then up to Trump to decide, as of April 2nd, when to enact the recommendations. “They charge us a tax or tariff and we charge them the exact same,” Trump told reporters Thursday in the Oval Office before signing a memo dubbed the “Fair and Reciprocal Plan.” “Nobody knows what that number is unless you go by country,” Trump said. In calculating what reciprocal tariff rate to levy on other nations, Trump said his administration will also be taking into account nations with value-added tax (VAT), which he labeled “far more punitive than a tariff.” He added: “Prices could go up somewhat short term, but prices will also go down. So Americans should prepare for some short-term pain.” The U.S. currently has a weighted average import tariff rate of 2% on industrial goods, according to the U.S. Trade Representative, giving special consideration to the value of a country's imports. 

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