Trump outlines reciprocal tariff plan, eyes implementation as early as April

U.S. President Donald Trump has signed a plan to roll out increased import duties for every trading partner that taxes U.S. imports.

The tariffs could be effective as early as April.

Shin Ha-young starts us off.

U.S. President Donald Trump reinforced his push to impose reciprocal tariffs on global trade partners to match the tax rates that other countries impose on imports, fueling fears of a trade war.

On Thursday, Trump signed a presidential memorandum ordering a comprehensive plan for reciprocal tariffs, aiming to deliver a level playing field for American workers.

"On trade, I have decided for purposes of fairness that I will charge a reciprocal tariff, meaning whatever countries charge the United States of America we will charge them. No more, no less."

The latest announcement comes as part of Trump's aggressive push for more balanced trade, following recent 25 percent tariffs on steel and aluminum.

Trump's tariffs would also target countries with non-tariff trade barriers such as subsidies, burdensome regulations, and value-added taxes.

Another element to be considered is exchange rate policies in countries.

Commerce Secretary Howard Lutnick said his team would be ready to hand a plan to the president by April 1st.

Although South Korea has signed a free trade agreement with the U.S. and has eliminated most tariffs, Trump's plan to consider non-tariff barriers could lead to him imposing reciprocal tariffs on South Korea.

South Korea posted a record trade surplus with the U.S. last year.

Trump has also signaled potential tariffs on automobiles with the White House also seeking to renegotiate the U.S. CHIPS and Science Act, which could affect South Korea’s top two exports to the U.S., raising concerns about further economic impact.

Despite fears of a global economic slowdown, Trump is expected to continue his hardline tariff policy.

Shin Ha-young, Arirang News.