The latest from the WSJ ahead of today’s tariffs:
The White House is also weighing plans to impose tariffs on finished vehicles coming into the U.S. but not automotive parts, according to Sen. Bernie Moreno (R., Ohio) and other people familiar with the discussions.
Moreno also revealed more of Trump’s tariff strategy:
Trump’s economic team is preparing its reciprocal tariff action by calculating tariff rates for trading partners based on barriers including taxes and regulations, the administration official said. But the administration might not implement the full value of the tariff rate for each country, the official said.
Moreno said that more measured reciprocal tariffs would help protect the economies of key trading partners and that tougher levies could be implemented later if other nations retaliate with duties of their own.
This sounds like a strategy to try to get away with higher rates and a dare for countries to retaliate.
This article was written by Adam Button at www.forexlive.com.