Donald Trump
US President Donald Trump on Tuesday announced to increase the customs duty on steel and aluminum products for Canada from 25 percent to 50 percent. Due to this, the trade war between the two neighboring countries is expected to be deepened. Trump said that this decision to increase the fee will come into effect from Wednesday. He said that the increase in fees is the reaction of the government of Ontario province of Canada to increase the power prices sold to the US. The US President said in a post on social media platform ‘Truth Social’ that I have directed my Commerce Minister to impose an additional 25 percent fee on all steel and aluminum products coming from Canada to the US. He is one of the highest charge countries anywhere in the world.
Threat of recession worldwide
Trump has been continuously talking about increasing customs duty on imports from China, Canada and Mexico since Trump took the oath of presidential in January. Along with this, he has also announced to impose counter -customs on many countries including India. With these announcements, there are fears of slowing the speed of the economy throughout the world including America.
Big decline in US stock market
As soon as Trump’s social media post came, the US stock market saw a immediate decline. The fee is under pressure on Trump to show that he has a legitimate plan to increase it rather than pushing the economy into recession after heavy selling in the stock market. However, Trump has tried to assure the public since again since becoming President that more companies will start the process of transferring their factories to America for more than their fee decisions.
Announcement to impose fees on India and China from 2 April
US President Donald Trump has announced a fee on India and China from 2 April. In February, President Trump had said that his administration would “soon” reply on countries like India and China, he also said this during Prime Minister Narendra Modi’s visit to the US last month. Trump has made it clear to Prime Minister Modi that India will not be spared from the counter -duty of America and emphasized that no one can argue with them on the fee structure.
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