Washington: The US President is about to implement mutual tariffs from 2 April. He is going to impose retaliation on top 15 countries with the most trade surplus with the US. However, there are indications that Trump can soften the implementation of mutual tariffs. It is expected that the Trump administration will proceed with the core mutual tariff on this day. Although it will decide to levy industry-specific fees in automobiles, pharmaceuticals and semiconductor areas, no decision has been taken yet.
Fifteen countries that the White House has identified for installing mutual tariffs included China, Japan, Germany, South Korea, India, Mexico and Canada. This has created uncertainty in Asian markets. The Trump administration can adopt a more subtle approach in trade relations with other countries.
Thus, Trump had to first apply a three-tier structure of high, medium and low tariffs against all its business partners. Instead, they have now insisted on compromising with countries at tariff rates. Trump is emphasizing the case-by-case approach.
With the announcement of mutual tariffs on June 2, uncertainty is seen in the Asian markets. American industry groups say that now they are having difficulty in getting information about which exceptions will be made. Fortune 500 companies are loud lobbying with senior officials of the White House and the Department of Commerce. In a recent meeting of oil officials, Trump was not seen in the mood to give any kind of relief. Despite the pressure from industry groups, Commerce Secretary Howard Lutenik and American trade representative Jameson Greer indicated a tough stance. Greer even said that the previous government had given a lot of concessions.
