Trump Signs Reciprocal Tariff Memo, Here's What's Known About the Key Messages

U.S. President Donald Trump signed a memorandum on Thursday that will introduce reciprocal tariffs. White House officials said the tariffs won't go into effect on Thursday, but could begin to be implemented within a few weeks. Trump's nominee for commerce secretary said the administration would take them on a country-by-country basis, with policy studies expected to be completed by 1 April. White House officials said the U.S. would produce a report detailing proposed country-specific measures within 180 days, not ruling out the possibility of globally harmonised tariffs. Trump said shipping goods through other countries to avoid tariffs will not be acceptable; countries with value-added tax systems will be considered for tariffs; tariffs are expected to remain unchanged in many countries; don't expect any exemptions; tariffs will soon be imposed on cars, steel, aluminium and pharmaceuticals, with auto tariffs likely to be implemented at the same time as tariffs in other sectors; and short-term price increases are likely.