Washington:
President Donald Trump said on Sunday that Americans may feel the economic ‘pain’ on his tariffs on major business partners. However, he argued that this is necessary to protect American interests. According to media reports, after the tariff imposed on China, Mexico and Canada by the Trump administration, it was expressed in the global markets that these fees could slow down the development pace and increase inflation again.
While returning to Washington from his Mar-e-Lago Estate in Florida, Trump said, ‘I do not expect anything dramatic. We owe a lot of money on them, and I am sure they will pay. The US President said, “We may have some trouble for a short time, and people understand it. But almost every country in the world has looted the United States.”
‘Will there be any pain? Yes, maybe (and perhaps not!) ‘Trump wrote in big letters on his Truth social media platform on Sunday morning. He said, “But we will make America great again, and all this will be at the price that will be paid.” Trump said that he would talk to the leaders of Canada and Mexico on Monday, who have announced the imposition of counter tariffs. However, he did not indicate that he could change his decision.
Trump’s tariff order is going to be effective from ET (0501 GMT) on Tuesday at 12:01 pm. Some analysts said that there was some hope of negotiations, especially with Canada and China. Trump’s tariffs will cover about half of all American imports and the United States will have to double its own manufacturing output to meet this difference. However, analysts believe that doing so is not possible in the near future.
Let us tell you that US President Donald Trump signed an executive order on Saturday (1 February), in which 25% tariff was imposed on goods coming from Mexico. 25% tariff has also been imposed on goods coming from Canada, but 10% tariffs will be levied on Canada’s energy resources. In this order, 10% tariff is also imposed on imports from China. According to the US President, this step has been taken with illegal immigration and his concerns about drug smuggling. The Republican leader made these two main issues the basis of his election campaign.
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