Trump's Tariff Policy: Counter-Tariffs to Take Effect April 2nd, Potential Double Taxation

President Donald Trump is moving forward with his tariff policy, with comprehensive counter-tariffs scheduled to take effect on April 2nd. Trump stated that in some instances, a double tariff burden could occur, as counter-tariffs and sector-specific duties on items like cars, aluminum, and steel may overlap. He initiated a review of retaliatory measures against countries hindering American product imports on his first day in office. This includes tariffs, regulations, value-added taxes, and exchange rates. According to Commerce Minister Howard Lutnick, studies were commissioned by April 1st to address each affected country. Trump also announced additional tariffs on automobiles, steel, and aluminum. These measures aim to reduce the U.S. trade deficit. Tariffs against China, Canada, and Mexico were previously announced in response to fentanyl trade. Economists worry about accelerated inflation due to Trump's tariff policies, causing investors to seek safer investments and leading to a decline in major U.S. stock indices.