The American leader announced a state of emergency in the national economy to grant himself extensive power to promote duties.
U.S. President Donald Trump announced a state of emergency in the country’s economy. This is stated in a statement by the White House, which was published on Wednesday, April 2.
The message was quoted by Trump’s words that trade and economic skills led to emergency in the country, and its command introduced appropriate tariffs to strengthen the international position of the United States economy and protect American workers.
“The large and permanent annual lack of trade in the United States has led to the collapse of our production base, with the lack of incentives for increasing advanced domestic manufacture facilities, critical supply chains have been fired, our defense industry depends on foreign enemies,” explained the statement, explaining the introduction of duties.
The American leader signed an order to the introduction of a minimum of 10 percent tariff for almost all goods that came to the United States. In addition, he introduced a higher role for countries with the highest trade shortage in relations with the United States. The President himself called this step a “expression of economic independence” and said that the United States “could no longer continue the policy of unilateral economic surrender.”
CNN, meanwhile, explained that American trade deficiency means that the United States has imported $ 1.2 trillion more than exported in 2024, which is a record. However, economists mainly agree that the destruction of trade in the goods does not reflect the entire history of the American economy’s cooperation with its trading partners. For example, the United States has excessive services, and last year America exported the services of 1.1 trillion dollars, which is the highest in history.
Also, trade deficiency is paid for exporting capital and financial accounts (the United States has excessively), which includes operations with foreign ownership and forgiveness of international debts.
Remember that on Wednesday Trump announced the introduction of major duties to imported goods. He called it America’s “Day of Liberation”.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.