The newly inaugurated President of the United States of America, Donald Trump, has vowed to impose taxes and tariff on foreign countries.
He also promised to overhaul the country’s trade system.
“I will immediately begin the overhaul of our trade system to protect American workers and families,” he said at the US Capitol.
“Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens,” Trump added.
Trump had vowed to impose 25 percent tariffs on Canadian and Mexican imports, and an additional 10 percent on Chinese goods, if they did not do more about illegal immigration and the flow of fentanyl into the United States.
Trump noted that he would impose 60 percent or more tariff on Chinese imports.
The White House said Monday that under the Trump administration, all agencies would adopt “emergency measures to reduce the cost of living.”
It was also noted that Trump would unveil “America First Trade Policy,” noting that Washington would not be beholden to foreign organizations for its tax policy.
Trump also emphasized his plan to set up an “External Revenue Service” to collect tariffs, duties and revenues, promising “massive amounts of money” pouring in from foreign sources.
