Trump Vows To Launch Trade Wars With 'Tariffs & Taxes' On Foreign Nations In His Pro-America Inaugural Address

US President Donald Trump, in his inaugural address on Monday, pledged to embrace trade wars, promising tariffs and taxes on foreign nations as part of his nationalistic approach following his swearing-in as the 47th president.

"I will immediately begin the overhaul of our trade system to protect American workers and families," he declared at the US Capitol.

Photo Credit: AP/PTI

"Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens," Trump added.

Since his election victory in November, Trump has targeted both allies and adversaries, hinting at new tariffs to push other countries into taking stronger action on US concerns.

Before returning to the White House, Trump had threatened to impose 25 per cent tariffs on Canadian and Mexican imports, and an additional 10 per cent on Chinese goods, unless they did more to address illegal immigration and the flow of fentanyl into the United States.

During his campaign, Trump also proposed much higher tariff rates on Chinese imports, reported AFP.

However, Trump refrained from unveiling new tariffs during his speech, which are typically applied to imported goods when a US buyer purchases them from abroad.

In his address, he reiterated his plan to establish an "External Revenue Service" to collect tariffs, duties, and revenues, alongside the creation of a "Department of Government Efficiency" aimed at reducing federal spending.