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Trump urges companies to move to the US to avoid tariffs

The U.S. president's invitation comes amid the escalating trade war, following the implementation of new tariffs on dozens of countries. 

The Apple Store on 5th Avenue, NY.

The Apple Store on 5th Avenue, NY.Cordon Press.

Diane Hernández
Published by
Diane Hernández

On Wednesday, President Donald Trump invited companies to establish operations immediately in the United States to avoid the imposition of tariffs. His message came at the height of the escalating trade war, coinciding with the implementation of new tariffs on dozens of countries.

"This is a great time to move your company to the United States, as Apple and many others are doing in record numbers," Trump posted on Social Truth as he promised "zero tariffs." "Don't wait, do it now," he added.

Trump also stated that there would be no "environmental delays" for companies choosing to set up in the U.S. He emphasized his administration's willingness to streamline legal approvals, as well as assist with energy, electricity, connections, and other requirements for businesses taking this route.

"If they do not replicate, it is a ceiling"

The tariffs imposed by Washington, effective Wednesday, are a "ceiling" unless other countries choose to mirror them, according to Treasury Secretary Scott Bessent, who also urged U.S. trading partners to negotiate.

"I think what a lot of people haven't seen is that these tariffs are a ceiling. If they don't replicate, it's a ceiling," Bessent told the American Bankers Association (ABA) at the U.S. capital.

Tariffs to hit pharmaceutical industry

The statement comes after the president revealed on Tuesday, during a Republican Congressional Central Committee dinner, that pharmaceutical imports would soon be subject to "significant" tariffs as part of his plan to revive the country’s manufacturing sector.

Although Trump did not include drug imports in the first round of tariffs imposed on U.S. trading partners, which take effect today, this appears to be the next step in the ongoing trade war.

The new customs tariffs affect nearly 60 trading partners, with additional levies ranging from 11% to 50%. China is the exception, with its products now subject to a 104% tariff, serving as a clear example of Trump’s warning that countries imposing economic barriers will face harsh penalties.

The news comes after Beijing announced new tariffs on the U.S. this Wednesday, reaching 84%, in response to the 104% tariff imposed by Trump.

European and Asian stock markets experienced sharp declines after the new tariffs took effect

European stock markets opened Wednesday with declines of around 3%, following the implementation of global tariffs imposed by the United States—20% on the European Union, 104% on China, and up to 50% on certain other countries.

Asian markets followed suit. The Nikkei on the Tokyo Stock Exchange fell 4% in a volatile session, while the Seoul Stock Exchange closed down 1.74%. Meanwhile, the Taiex, the benchmark index of the Taipei Stock Exchange, dropped 5.79%.

Most Southeast Asian stock exchanges also closed with losses on March 9.
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