Trump set to impose reciprocal and sectoral tariffs on April 2

WASHINGTON – US President Donald Trump said he would impose both broad reciprocal tariffs and additional sector-specific tariffs on April 2.

He told reporters aboard Air Force One that “in certain cases, both” types of levies would be placed on foreign goods imported into the US.

“They charge us, and we charge them, and then in addition to that on autos, on steel, on aluminium, we are going to have additional tariffs,” Mr Trump said on March 16.

The remarks signal that the President plans to press ahead with a more aggressive tariff regime, despite his initial moves

roiling financial markets

and straining alliances.

Mr Trump previously said his administration is preparing what he has dubbed reciprocal tariffs – which would hit imports from each country with a tariff rate that is determined based on a calculation incorporating its own tariff and non-tariff barriers.

But he has also said he wants to prepare key US industries, including automobiles, steel, aluminium, microprocessors and pharmaceuticals.

It has not been clear whether those sectoral tariffs would be incorporated into or added on top of the reciprocal tariff regime.

“April 2 is a liberating day for our country,” Mr Trump said. “We’re getting back some of the wealth that very, very foolish presidents gave away because they had no clue what they were doing.”

He has already imposed a 20 per cent tariff rate on China, as well as a

25 per cent levy on steel and aluminium

.

He also announced a

tariff of 25 per cent on Canadian and Mexican goods,

but subsequently offered a one-month extension for goods compliant with a North American trade deal, known as USMCA, which was negotiated during his first term as president.

Mr Trump has also said Canadian energy and potash, a key fertiliser, would be hit with only a 10 per cent tax. BLOOMBERG