President Trump says he’s waiting until the second day of April to announce reciprocal tariffs on other nations because he doesn’t want to be misunderstood.
Mr. Trump and his team plan to announce a tariff number for other countries’ products based on trade barriers each nation imposes on U.S. goods.
“I would have made it April 1, but I didn’t want it to be April Fools’ Day because nobody would believe what I said,” Mr. Trump said Friday in the Oval Office, repeating his often-told explanation.
Tariffs are a tax or duty paid by importers on the goods they bring in from foreign markets. Mr. Trump says tariffs are a great way to force companies to return to America or keep their operations in the U.S., employ American workers and create revenue to fund domestic programs.
Presidents can impose tariffs without Congress in certain situations, such as to protect national security or address international emergencies.
Some countries are trying to strike bilateral deals to lower tariffs and mitigate Trump-imposed levies, while Canada and the European Union say they’re open to talks but ready to retaliate if needed.
The U.S. relied on tariffs as a primary source of government revenue until the federal income tax was imposed in the early 20th century.
But tariffs can also result in higher prices for consumers.
Foreign countries don’t pay the tariffs directly to the U.S. Treasury. In many cases, U.S. companies pay the levies, though Mr. Trump often characterizes the money as an inflow from foreign entities.
“We’ve been ripped off by every country in the world, friend and foe,” Mr. Trump said. “Now, some of that money is going to be coming back to us in the form of tariffs.”
Mr. Trump says the tariffs will make foreign manufacturing less attractive and force companies to open up shop in the U.S.
He said his strategy is paying off, citing companies such as Apple and Nvidia that have announced plans to expand manufacturing in America.
“They’re all coming here,” he said.
