The FTC’s primary mandate is to enforce civil antitrust law in the United States, along with protecting consumers from deceptive or unfair business practices.
The Federal Trade Commission (FTC) chairperson, Andrew Ferguson, on Thursday warned the US companies against using the Donald Trump administration’s tariffs on imports as an excuse to raise prices, saying that the FTC will be watching the situation closely.
The FTC’s primary mandate is to enforce civil antitrust law in the United States, along with protecting consumers from deceptive or unfair business practices.
“As we adjust to the new economic order, the FTC will be watching closely to make sure American companies are vigorously competing on prices. These necessary tariffs should not be interpreted as a green light for price fixing or any other unlawful behavior,” Ferguson said in a post on social media platform X.
This comes as US President Donald Trump announced sweeping new tariff announcements, affecting scores of countries. The consumers might see the prices of several commodities rise as America is a net importer, and several products that are either manufactured or assembled in many countries will be hit by the new measures.
Donald Trump’s ‘reciprocal tariffs’ announced as ‘Liberation Day’
US President Donald Trump announced reciprocal tariffs against other countries on Wednesday during an event at the Rose Garden of the White House. He has termed the event as ‘Liberation Day’.
The tariffs ranged from 10 percent to 49 percent. The US President levied a 26 per cent tariff on India, 34 per cent on China, 46 per cent on Vietnam, and 10 per cent on the UK. The EU has been slapped with a 20 percent tariff, while 49 percent has been levied on Cambodia. Imports from South Korea will attract 25 percent tariffs.
Trump, who has dubbed the announcement on April 2 as ‘Liberation Day’, said, “Taxpayers have been ripped off for more than 50 years. But it is not going to happen anymore.” He also said that the tariff money will be used to bring down the debt that the US owes. Several countries have responded with measures of their own.
