WEST PALM BEACH, Fla. (AP) — President Donald Trump is not worried about business fears. He plans to add new tariffs on imports from other countries. Some people think this could cause higher prices and an economic slowdown.
Trump recently paused tariffs of 25% on imports from Mexico and Canada. This worried the stock market. Now, he says he will start new tariffs on April 2. He wants the tariffs to match what other countries charge. “On April 2, it becomes all reciprocal,” he explained in an interview with Fox News. “What they charge us, we charge them.”
When asked about a possible recession, Trump said changes take time. He believes in bringing wealth back to America. This is important for the economy.
Last week, the stock market faced a tough time with many ups and downs. Trump said that the world has taken advantage of the United States. Now, he wants to make it fair for America.
New tariffs are coming this week. The Secretary of Commerce, Howard Lutnick, said 25% tariffs on steel and aluminum will start Wednesday.
Vocabulary List:
- Tariffs /ˈtærɪfs/ (noun): Taxes imposed on imported goods.
- Imports /ˈɪmpɔrts/ (noun): Goods brought into a country from abroad for sale.
- Economy /ɪˈkɒnəmi/ (noun): The system of production and distribution of goods and services in a country.
- Recession /rɪˈsɛʃən/ (noun): A period of temporary economic decline during which trade and industrial activity are reduced.
- Stock Market /stɒk ˈmɑːrkɪt/ (noun): A collection of markets where securities such as stocks and bonds are bought and sold.
- Reciprocal /ˌrɛsɪˈproʊkəl/ (adjective): Given felt or done in return; mutual.
How much do you know?
