US President Donald Trump pledged to embrace trade wars in his inaugural address on Monday, vowing to impose tariffs and taxes on foreign countries to benefit American workers and families.
“I will immediately begin overhauling our trade system,” Trump stated at the US Capitol. “Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens.”
Since his election, Trump has targeted both allies and adversaries, threatening new tariffs to push other nations into addressing US concerns.
Before returning to the White House, Trump vowed 25% tariffs on Canadian and Mexican imports, and an additional 10% on Chinese goods if they failed to address illegal immigration and the fentanyl crisis.
Though he refrained from announcing new tariffs on Monday, Trump reiterated plans for an “External Revenue Service” to collect tariffs, duties, and revenues, alongside a proposed “Department of Government Efficiency” to reduce federal spending.