FEATURED:

Trump says he'll propose a 'reciprocal tax' on imports

Trump says he'll propose a 'reciprocal tax' on imports
© Getty Images

President TrumpDonald John TrumpFive takeaways from Cruz, O'Rourke's debate showdown Arpaio files libel suit against New York Times IMF's Christine Lagarde delays trip to Middle East MORE said Monday that he will propose a tax on imports as soon as this week in an effort to crack down on what he believes are unfair trade practices.

“We’re going to be doing very much a reciprocal tax and you’ll be hearing about that during the week and the coming months,” Trump said at the White House while rolling out his infrastructure plan.

“We cannot continue to be taken advantage of by other countries,” the president added. “We are going to charge countries outside of our country ... Some of them are so-called allies, but they are not allies on trade.”

The president did not elaborate on the details of the so-called reciprocal tax. 

ADVERTISEMENT

Trump had proposed a similar tax last year, but the idea ran into opposition on Capitol Hill over fears it could spark tensions with major U.S. trading partners.

House Republicans proposed a “border adjustment tax” on imported goods to help pay for the GOP’s tax overhaul, but the measure was removed after retailers and other business interests raised objections.

The new comments, however, are a sign that Trump is looking to ramp up trade actions this year.

The president last month slapped tariffs on foreign washing machines and solar panels, his first foray into trade disputes in 2018.