President Donald Trump on Feb. 13 released a plan of reciprocal tariffs to match the tax rates that other countries charge on imports.
The tariff increases would be customized on a country-by-country basis and are Trump’s method for leveling the field with foreign nations that place taxes on American goods.
The Trump administration will analyze potential tax increases in the coming weeks. Any new tariffs would follow the 25% import taxes Trump ordered on steel and aluminum from other countries and the additional 10% tax he imposed on all imports from China.
Other countries have promised to retaliate against Trump's new tariffs with additional taxes of their own on U.S. exports.
According to the Hardwood Federation, “a significant percentage of the industry continues to be extremely concerned about the potential impacts of retaliatory tariffs on hardwood exports.”
However, the Hardwood Federation says there have been instances where reciprocal tariffs have helped level the playing field for U.S. manufacturing.
