Washington [US], January 21: President Donald Trump will issue a broad trade memo on Monday that stops short of imposing new tariffs on his first day in office but directs federal agencies to evaluate U.S. trade relationships with China, Canada and Mexico, a Trump administration official said.
After weeks of intense global speculation over which duties Trump would impose immediately after being sworn in as U.S. president, news that Trump would take more time on tariffs drove a relief rally in global stocks and a dive in the dollar against major currencies.
Trump mentioned no specific tariff plans in his inaugural address, but repeated his intention to create the External Revenue Service, a new agency to collect "massive amounts" of tariffs, duties and other revenues from foreign sources.
"I will immediately begin the overhaul of our trade system to protect American workers and families," Trump said. "Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens."
Source: Fijian Broadcasting Corporation
