Trump Signs Reciprocal Tariff Memorandum, Here's Key Information Known

On February 14, US President Donald Trump signed a memorandum on Thursday that will introduce reciprocal tariffs. White House officials said the tariffs will not take effect on Thursday, but could begin to be implemented within weeks; the tariffs will take into account other countries' exchange rates, taxes, tariffs, non-tariff barriers, and any "unfair restrictions". Trump's nominee for commerce secretary said the administration will deal with each country on a country-by-country basis, and the policy study is expected to be completed by April 1. White House officials said the United States will produce a report detailing the proposed country-specific measures within 180 days, without ruling out the possibility of globally harmonized tariffs. Trump said that the practice of shipping goods through other countries to avoid tariffs will not be accepted; countries that use the value-added tax system will be considered as tariff targets; tariffs in many countries are expected to remain unchanged; do not expect any exemptions; tariffs on automobiles, steel, aluminum and pharmaceuticals will soon be imposed, and auto tariffs may be implemented at the same time as tariffs on other industries; short-term prices may rise.