What Are the Reciprocal Tariffs Trump Is Promising?
After promising to unleash ' the big one,' President Donald Trump signed a measure Feb. 13 directing his administration to propose a round of so-called reciprocal tariffs that could remodel America's trading relationship with the world. If exports from a multitude of countries to the world's biggest economy end up being taxed more heavily, there's a risk of higher inflation in the US and slower economic activity everywhere else. Howard Lutnick, Trump's nominee to lead the Commerce Department, said the proposals could be ready by the start of April.
The term 'reciprocal,' when used in the context of trade, usually refers to measures taken by both parties to ensure fairness in bilateral commerce. In recent decades, that has typically meant lowering trade barriers. In the US, the Reciprocal Trade Agreements Act of 1934 marked the end of an era of American protectionism and allowed the US and partner countries to negotiate lower tariffs on each others' goods.
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