Trump Expands Global Trade War with Broad New Tariffs

U.S. President Donald Trump is expanding his global trade conflicts by imposing 25% secondary tariffs on countries purchasing oil or gas from Venezuela. Announcing imminent tariffs on automobiles, aluminum, and pharmaceuticals, Trump aims to rectify trade imbalances and boost U.S. economic growth with aggressive trade policies.

U.S. President Donald Trump has significantly expanded his global trade war by introducing a 25% secondary tariff on countries purchasing oil or gas from Venezuela. Further tariffs on automobiles, aluminum, and pharmaceuticals are expected to follow, as Trump pledges to announce them soon.

Speaking at the White House, Trump revealed plans for tariffs on automobiles, pharmaceuticals, and aluminum to be implemented "in the very near future." He suggests these measures are essential for sustaining vital industries in times of potential military or economic crises.

Labeling April 2 as "Liberation Day" for the U.S. economy, Trump aims to reduce a $1.2 trillion global trade deficit by adjusting U.S. tariffs to align with those of other nations and combating their non-tariff barriers. Trump also announced a $21 billion investment from South Korea's Hyundai, including a steel plant in Louisiana.

(With inputs from agencies.)