Washington: US President Donald Trump has reiterated that he will exert flexibility on tariff policies, but his administration’s new levies on goods coming into the United States would “basically” be “reciprocal.”
During a press availability, Trump made the remarks as his administration plans to roll out country-by-country reciprocal tariffs April 2, which will be customised based on trading partners’ tariff- and non-tariff barriers and other factors, including exchange rates and unfair trade practices.
“The word, flexibility, is an important word. … There will be flexibility, but basically, it’s reciprocal,” he said, reports Yonhap news agency.
Asked if he is considering offering tariff exceptions, the president said, “Once you do that for one, you have to do that for all.”
He repeated his mantra of America being “ripped off” by other countries on multiple fronts, including defence.
“We’ve been ripped off by every country in the world, friend and foe. We’ve been ripped off on trade. We’ve been ripped off on military,” he said.
“We protect people, and they don’t do anything for us. It’s just so unfair for years and years. Now some of that money is going to be coming back to us in the form of tariffs.”
During an address to Congress earlier this month, Trump revealed his negative perspective of South Korea as a trading partner. He claimed that South Korea’s average tariff is four times higher than that of the U.S., and stressed that the U.S. helps South Korea militarily and in “so many other ways.”
South Korea’s average tariff on its most-favoured nations (MFNs) stands at around 13.4 percent — compared with the U.S.’ 3.3 percent on its MFNs — but that rate is not applicable to countries with FTAs with Korea.
Seoul has been strengthening communications with Washington in an effort to secure tariff exemptions or at least ensure that South Korean companies do not face any disadvantages.
Trump underscored his message for those trying to fend off tariffs.
“How do you avoid paying the tariffs? You build your plant in the United States,” he said.
