White House: President Trump Declares National Emergency Due to Trade Imbalance
Washington, April 3 (Hibya) - In a statement from the White House regarding the new customs tariffs announced by President Trump, it was stated: "President Donald J. Trump declared a National Emergency to enhance our competitiveness, protect our sovereignty, and strengthen our national and economic security."
The statement noted that the ongoing trade deficit has devastated the United States’ production base. The White House also added that Trump does not want other countries to take advantage of the U.S.
Additionally, the statement read: "President Trump is using his authority under the 1977 International Emergency Economic Powers Act (IEEPA) to address the national emergency caused by a large and persistent trade deficit driven by a lack of reciprocity in our trade relationships and harmful policies like currency manipulation and excessive value-added taxes (VAT) imposed by other countries."
The White House announced, "Today’s IEEPA Order also includes modification authorities, allowing President Trump to increase tariffs if trade partners retaliate, or reduce tariffs if partners take meaningful steps to correct unfair trade practices and align with the United States on economic and national security matters."
British News Agency
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