On Friday afternoon, Donald Trump presided over the inauguration of his new chief tariff official, validated a strategy likely to classify digital service taxes as similar to tariffs, and reiterated his intention to implement reciprocal tariffs “soon.”
These remarks concluded a week filled with trade threats from the Oval Office, even as data indicated that Americans are becoming increasingly concerned that new tariffs may lead to higher prices.
“The tariffing is going to be fascinating,” Trump stated while addressing reporters in the Oval Office.
He was accompanied on Friday by Howard Lutnick, the newly sworn-in Secretary of Commerce, who was inaugurated by Vice President JD Vance and has been designated by Trump to spearhead trade initiatives.
Additionally, Trump confirmed that he would soon introduce another aspect of his reciprocal tariffs plan that may result in tariffs against foreign taxes imposed on U.S. technology firms.
“What they are doing to us in other nations regarding digital is awful,” Trump remarked.
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The latest episode of tariff posturing unfolded as American consumers expressed a deteriorating outlook on the economy. Recent findings from the University of Michigan consumer sentiment survey were heavily influenced by rising inflation expectations tied to Trump’s proposed duties.
Trump’s comments late Friday also revealed he is weighing a plan to dissolve the United States Postal Service as an independent body, merging it into Lutnick’s Commerce Department.
It is reported that the organization’s board of governors is contemplating a lawsuit to block such a move.
“We aim to develop a highly functional Post Office,” Trump expressed, referring to the potential realignment as “a form of a merger.”
Trump’s remarks followed a week in which he asserted he would impose 25% tariffs on automobiles, semiconductors, imported pharmaceuticals, and even lumber, with a deadline communicated as April 2 following a thorough review of reciprocal tariff options.
Additionally, he confirmed plans for 25% tariffs on steel and aluminum, scheduled to begin on March 12.
Read more: What are tariffs, and how do they affect you?
Earlier on Friday, Trump indicated that 25% tariffs on foreign cars would “probably” come into effect on April 2, during a discussion with state governors, humorously noting that he wanted to avoid an announcement on April Fools’ Day.
“Delaying by just one day will be costly,” he quipped.
Trump and his team have also begun to highlight the anticipated revenues from tariffs, particularly from the 10% duties already imposed on China.
