Trump says US being "looted" by other nations is justification for new "reciprocal" tariffs

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U.S. President Donald Trump on Wednesday announced new tariffs on nearly all U.S. trading partners — a 34% tax on imports from China and 20% on the European Union, among others — that threaten to dismantle much of the architecture of the global economy and trigger broader trade wars.

“We will charge them approximately half of what they are and have been charging us. So the tariffs will be not a full reciprocal. I could have done that, yes, but it would have been tough for a lot of countries. We didn’t want to do that,” Trump said.

Trump used aggressive rhetoric to describe the global trade system that the United States helped to build after World War II, claiming that in his view “our country has been looted, pillaged, raped and plundered” by other nations.

“Taxpayers have been ripped off for more than 50 years,” he said. “But it is not going to happen anymore," Trump said.

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