WASHINGTON, Nov 6 – US President Donald Trump says his administration will continue its broad tariff policy despite the Republicans’ losses in the midterm elections.
Trump defended the tariffs amid growing concerns about the rising cost of living in the United States. The tariffs have also contributed to concerns over higher prices for consumers.
Speaking to reporters at the White House on Thursday, Trump said foreign companies had invested in the US to avoid paying higher import duties.
He also warned that removing the tariffs could encourage more foreign goods to enter the American market.
Trump Defends Tariff Policy
Trump argued that countries such as China, Japan and South Korea would benefit if the US removed its tariffs.
He said companies from these countries might stop their ongoing construction projects in the US if the government scrapped the duties.
According to Trump, the tariffs encourage foreign businesses to invest in American industries instead.
However, his position comes after the Democrats secured control of both chambers of Congress in Tuesday’s midterm elections.
Democrats Plan to Challenge Tariffs
Following their election victory, Democrats have indicated that they will push the administration to repeal the tariffs.
They plan to pursue the move when the new Congress begins its session in January.
Nevertheless, Trump still holds veto power over bills passed by Congress. As a result, Democrats may face difficulties in removing the tariffs without sufficient support.
US Imposes Tariffs on 60 Trading Partners
The Trump administration has imposed tariffs of up to 12.5 per cent on goods from 60 trading partners.
These include China, Japan and the European Union.
In addition, the administration has introduced separate tariffs on selected industries.
These duties cover imported products such as automobiles and steel.
The continued tariff policy is likely to remain a major point of debate as the US government faces pressure over trade, business investment and the rising cost of living.
Source : BERNAMA | Rewritten By Minutesmy
