In a recent statement, National Economic Council director Kevin Hassett highlighted that reciprocal tariff negotiations with various countries are actively in motion, underscoring such discussions as a top priority for President Trump. Hassett remarked on the imbalance in tariff rates, where trading partners impose notably higher tariffs on U.S. goods than America charges them. “Reciprocal tariffs are absolutely a high priority for the president, [they] have been forever,” he emphasised during a White House press briefing.
As part of these ongoing discussions, Trump has set 25% tariffs on aluminium and steel imports, with potential tariffs on Mexico and Canada expected to be enforced next month after a temporary suspension. The ongoing trade saga includes a contentious relationship with China, which has already seen reciprocal tariffs of 10%. Amidst these developments, the Trump administration is exploring the idea of an “External Revenue Service” to manage tariff collections more effectively.
Hassett noted that these negotiations are in early stages, with dialogues beginning to take shape early Wednesday. “We were talking about just laying the groundwork for discussions over reciprocal trade,” he shared, pointing out that Howard Lutnick is leading these talks. He concluded by mentioning an exciting potential announcement regarding these discussions, suggesting that more clarity on Trump’s strategy may emerge soon as they continue to engage with foreign partners.
White House economist Kevin Hassett stated that reciprocal tariff negotiations are a high priority for President Trump. The ongoing discussions involve significant tariffs, including 25% on aluminium and steel, as well as across-the-board tariffs with China. The administration is also exploring new ways to handle tariff collections, indicating that major shifts in trade policy may be imminent.
In summary, reciprocal tariff negotiations are currently a significant focus for the Trump administration, with Kevin Hassett reiterating their critical importance. Discussions with countries like Canada, Mexico, and China are pivotal as tariffs evolve within the global trade landscape. The ongoing strategies could herald significant changes in U.S. trade policy, perhaps even leading to innovative revenue collection mechanisms.
Original Source: www.foxbusiness.com
