Key Points
Trump demands reciprocal tariffs against major trading partners
Highlights unfair international trade practices
Proposes tax incentives for US-made vehicles
Seeks natural gas pipeline partnerships
Trump made the remarks in his first address to a joint session of Congress since he took office in January, as his administration is set to impose "reciprocal" tariffs on U.S. imports that are to be pegged to trading partners' tariffs and non-tariff barriers.
"Countless other nations charge us tremendously higher tariffs than we charge them. It's very unfair. India charges us auto tariffs higher than 100 percent. China's average tariff on our products is twice, but we charge them," the president said, reports Yonhap news agency.
"South Korea's average tariff is four times higher. Think of that four times higher, and we give so much help militarily and so many other ways to South Korea. But that's what happens. This is happening by friend and foe," he added.
He also said that South Korea and other countries hope to participate in a natural gas pipeline project in the U.S.
"My administration is also working on a gigantic natural gas pipeline in Alaska, among the largest in the world, where Japan, South Korea, and other nations want to be our partner -- with trillions of dollars being spent by them. It will truly be spectacular," he said.
Trump, in his first address to a joint session of Congress, said the reciprocal tariffs would take effect on April 2, reinforcing his administration's stance on trade policy and criticising European Union, China, Brazil, India, and South Korea for high tariffs.
"Other countries have used tariffs against us for decades, and now it is our turn to start using them against those other countries. On average, the European Union, China, Brazil, India, Mexico, Canada, and countless other nations charge us tremendously higher tariffs than we charge them; it is very unfair," said Trump.
In a push for tax deductions, Trump said he wants to make interest payments on car loans tax-deductible, but only if the vehicles are made in the US. He also stressed his commitment to boosting domestic manufacturing, stating, "We want to cut taxes on domestic production."
