American companies brace for higher costs
U.S. President keeps up pressure for a rate cut, arguing inflation is no longer a threat
The president said he had been watching the bond market and that people were “getting a little queasy”
The U.S. president excluded Canada and Mexico from his remarks, leading to speculation that the two countries have been exempted from direct tariffs
White House trade adviser Peter Navarro suggested the new tariffs would raise US$600B a year, making it the largest tax increase since the Second World War
The president has also applied 25% tariffs on steel and aluminum imports, and plans tariffs on computer chips, pharmaceutical drugs, lumber and copper
President says U.S. will double the existing 10% tariffs on China
“Our country will be extremely liquid and rich again,” he said
The tariff increases would be customized for each country with the partial goal of starting new trade negotiations
Decision will be based on whether the price of oil charged is fair, Trump says