The White House on Thursday (3/4) defended US President Donald Trump's decision to exempt four countries, including Russia and North Korea, from new import tariffs.
“Cuba, Belarus, North Korea and Russia are not included in the Reciprocal Tariffs Executive Order because they already face very high tariffs and the sanctions we have imposed previously are hindering trade with those countries,” said a White House official who spoke on condition of anonymity.
Trump, he said, had also recently threatened to impose tough sanctions on Russia.
The Russia exemption sparked criticism on social media after Trump announced the new tariffs on Wednesday, with many accusing him of bowing to Russian President Vladimir Putin.
The new US policy stipulates that a minimum import tariff of 10 percent will be imposed, with higher rates imposed on countries that Trump considers the “worst” trade offenders.
Imports of goods from about 60 countries will be subject to tariffs above 10 percent, according to a US official who briefed reporters on condition of anonymity before the new policy was announced.
Documents shared with reporters highlight some of the reciprocal tariffs imposed by the president, including a 34 percent tariff on goods from China, a 20 percent tariff on goods from the European Union, a 46 percent tariff on Vietnamese goods and a 44 percent tariff on imports from Sri Lanka.
Türkiye is among the countries that will be hit with 10 percent tariffs, along with the UK, Kenya, Iceland, Panama, Ethiopia, Lebanon, Togo and others.
Stock markets plunged after the move was announced. Investors worry that the new tariffs will raise consumer prices and potentially drag the U.S. into recession.
The tech-heavy Nasdaq index had plunged more than 5.3 percent in midday trading, while the Dow Jones index had slumped more than 3.3 percent.
Source: Anadolu
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