White House downplays Trump ‘reciprocal tax’ threat: No formal plan in the works


WASHINGTON — The White House is downplaying a threat from President Donald Trump to impose a new import tax.

A senior administration official says nothing formal is in the works.

The official says Trump was simply reiterating sentiments he’s voiced for years about trade.

The president confused many trade-watchers Monday with remarks about a new tax.

Trump said there would be details in the coming days about something he called a “reciprocal tax” on imports — and he complained about the trade practices of Canada, China and other countries in making the threat.

The comments confused analysts for several reasons: Congress sets taxes, not the president; Congress rejected the idea of an import tax in its recent fiscal reform; the president’s newly released budget proposal doesn’t even mention the idea.

That doesn’t mean other trade skirmishes aren’t bubbling. The U.S. has just announced preliminary duties on pipe imports, including from Canada, in the latest example of ramped-up use of punitive measures since Trump took office.

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Source:: Nationalpost


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