TEMPO.CO, Jakarta - The White House on Thursday defended U.S. President Donald Trump's decision to exclude four countries, including Russia and North Korea, from the new import tariffs.
As quoted by Antara, an anonymous White House official explained that Cuba, Belarus, North Korea, and Russia are not included in the Reciprocal Tariff Order because they already face very high tariffs, and the sanctions we have imposed previously hinder trade with those countries.
He said Trump recently also threatened to impose heavy sanctions on Russia.
The exemption for Russia sparked criticism on social media after Trump announced the new tariff policy on Wednesday. Many netizens accused him of being submissive to Russian President Vladimir Putin.
The new U.S. policy calls for a minimum import tariff of 10 percent. Higher rates are imposed on countries deemed by Trump as the "worst" trade violators.
Imports from about 60 countries will be subject to tariffs above 10 percent, according to a U.S. official who briefed reporters anonymously before the new policy was announced.
Several documents distributed to journalists highlighted some reciprocal tariffs set by the president, including a 34 percent tariff on goods from China, a 20 percent tariff on goods from the European Union, a 46 percent tariff on goods from Vietnam, and a 44 percent tariff on imports from Sri Lanka.
Turkey is among the countries that will face a 10 percent tariff, along with the UK, Kenya, Iceland, Panama, Ethiopia, Lebanon, Togo, and others.
The stock market plummeted after the policy was announced. Investors are concerned that the new import tariffs will increase consumer prices and potentially drag the U.S. into a recession.
The Nasdaq index, dominated by technology stocks, plunged more than 5.3 percent in midday trading, while the Dow Jones index fell more than 3.3 percent.
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