US President Donald Trump has announced massive tariffs on US imports. The tariffs are expected to affect trillions of dollars in trade, according to the Bloomberg.
Speaking in the Rose Garden near the White House, the US president announced "very, very good news."
"In a few minutes, I will sign a historic decree on reciprocal tariffs for countries around the world. Reciprocal. This means that what they do to us, we will do to them. It's very simple. It couldn't be simpler." Trump said.
He criticized Thailand, India, Vietnam, and other countries for what he considered unfair tariff policies and tax regimes on American goods. He cited as an example that the United States charges only 2,4% duty on motorcycles, while India charges 70% and Vietnam charges 75%.
Before signing the order, he also spent a long time describing the “unfair tariffs” that other countries had imposed on American goods. “Sometimes friends are worse than enemies,” Trump said, referring to the high tariffs imposed by some allies like Japan.
"This is one of the most important days in American history. This is our declaration of economic independence," — the US president emphasized.
"For countries that treat us badly, we will deduct the sum of their tariffs, non-monetary barriers and other forms of fraud," — he said, explaining exactly what volume of "reciprocal tariffs" the US will introduce.
He also reiterated that at midnight on April 2-3, the US would impose a 25% tariff on all foreign-made cars. He also announced the introduction of a universal or “minimum base tariff” on imports of 10%.
The amount of duties on the main trading partners of the United States. According to the decree, the United States is imposing additional duties in the amount of:
- China - 34%
- European Union — 20%
- Vietnam — 46%
- Taiwan - 32%
- Japan — 24%
- South Korea — 25%
- Thailand — 36%
- Switzerland — 31%
- Indonesia — 32%
- Malaysia — 24%
- Cambodia — 49%
- Great Britain — 10%
- South Africa — 30%
- Brazil — 10%
- Bangladesh — 34%
- Singapore — 10%
- Israel — 17%
- Philippines — 17%
- Chile — 10%
- Pakistan — 29%
- Sri Lanka — 44%
Reciprocal tariffs will come into effect on April 9, 2025. And all countries will start paying the minimum base tariff on April 5.
Moreover, the base tariff of 10% will be added to the tariffs imposed against specific countries. This means, for example, that the tariff on Chinese goods will be 44% (34+10), and on goods from the EU - 30% (20+10).
Canada and Mexico are not yet subject to reciprocal tariffs.
For Ukraine, only a basic duty of 10% is being introduced.
The White House has published a full list of tariffs against countries around the world
284 countries and the European Union are listed. It is noteworthy that a basic tariff (10%) has been introduced against Ukraine, while Russia and Belarus are not mentioned in the list.
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