US to Impose 'Reciprocal Tariffs' from April; Trump: 'No Exemptions or Exceptions'

Official announcement of reciprocal tariffs on the 13th (local time)

Analysis of tariff structures from 200 countries

Detailed reciprocal tariff plan to be completed by April 1st

Trump: 'Korea and Japan taking advantage of US... No exemptions or exceptions'

President Donald Trump officially announced the reciprocal tariff policy and implementation plan at a press conference held in the White House Oval Office in Washington D.C. on the 13th (local time). US Commerce Secretary Howard Rutnick told reporters, "(The specific reciprocal tariffs by country) will be completed by April 1st, and President Trump can take immediate action afterward."

The new reciprocal tariffs will be customized to reflect not only taxes imposed on US products by country but also non-tariff barriers including △unfair subsidies △regulations △value-added tax (VAT) △exchange rates △insufficient intellectual property protection.

At the meeting, President Trump declared, "For fairness (in trade), we will impose reciprocal tariffs at the same level on countries that impose tariffs on the US." He emphasized, "In almost all cases, they impose much higher taxes on us than we do on them. But that era is now over."

President Trump also revealed plans to impose additional taxes on automobiles, semiconductors, and pharmaceuticals. This means additional taxes will be imposed on top of reciprocal tariffs.

President Trump specifically cited the European Union (EU)'s value-added tax (VAT) as an example of barriers that the US must address. Bloomberg reported that "(President Trump) identified Japan and Korea as countries taking advantage of the US."

The reciprocal tariffs that President Trump is pursuing are expected to be the most comprehensive measure to address US trade deficit issues and unfairness in the global trading system.

Trump has already imposed 10% tariffs on Chinese products and plans to impose 25% tariffs on all steel and aluminum imported to the US next month.

Bloomberg analyzed, "However, since these tariff measures won't be implemented immediately and country-specific research will be conducted first, this is likely Trump's characteristic negotiation strategy." It could be a strategy to leverage tariff threats to lead trade negotiations favorably, as seen in negotiations with Mexico, Canada, and Colombia.

A White House official explained, "Former President Trump is prepared to discuss how trade policies with each country have created imbalances, and the US is willing to lower tariffs if counterparts lower their tariffs or remove other trade barriers."

Former President Trump made it clear that there is little possibility of applying exemptions or exceptions to specific countries. In particular, he mentioned Apple's temporary exemption from tariffs on Chinese products, emphasizing that "this measure will be applied equally to all countries."

The US government will need to analyze and adjust the tariff structures of nearly 200 countries regarding President Trump's reciprocal tariffs. Some are concerned that tariff structures could become more complex.

New York=Special Correspondent Park Sin-young nyusos@hankyung.com