Trump’s Team Plans New Reciprocal Tariffs to Offset Export Fees
President Trump announced plans for reciprocal tariffs, instructing advisers to set new tariff levels based on fees and taxes on US exports. Key points include:
- The timeline for implementation is uncertain, but completion of studies by early April is anticipated.
- Commerce Secretary nominee Howard Lutnick will collaborate with the US Trade Representative on these tariffs.
- Tariffs will be tailored country-by-country to offset existing tariffs and non-tariff barriers.
- Markets responded positively, with the S&P 500 closing 1% higher and the Nasdaq Composite up 1.3%.
- Investor uncertainty remains due to unclear details about the tariffs' nature and timing.
- Upcoming data releases next week, including manufacturing numbers and FOMC minutes, may influence market movements.