SOURCE : NEW18 NEWS
Last Updated:April 03, 2025, 14:48 IST
US President Donald Trump said other countries have plundered the US and the tariffs will end as he imposed reciprocal tariffs.
US President Donald Trump speaks during an event to announce new tariffs in the Rose Garden at the White House in Washington, as Commerce Secretary Howard Lutnick listens. (IMAGE: AP PHOTO)
Trump Reciprocal Tariffs: US President Donald Trump on Wednesday unveiled sweeping “Liberation Day” tariffs, which he said were very “kind”, compared to what those nations have been charging the US.
“I will sign a historic Executive Order instituting reciprocal tariffs on countries throughout the world. Reciprocal that means they do it to us, and we do it to them,” he said at the White House. “This is one of the most important days, in my opinion, in American history”.
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The United States will now impose a 34% import tax on Chinese goods, 20% on imports from the European Union, 25% on South Korean products, 24% on Japanese goods, and 32% on Taiwanese imports.
“This is Liberation Day,” Trump said, adding that it would “forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed.”
He also declared a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States.
- China: 34%
- European Union: 20%
- South Korea: 25%
- India: 27%
- Vietnam: 46%
- Taiwan: 32%
- Japan: 24%
- Thailand: 36%
- Switzerland: 31%
- Indonesia: 32%
- Malaysia: 24%
- Cambodia: 49%
- United Kingdom: 10%
He also declared a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States.
The US dollar on Wednesday fell one percent against the euro as Trump announced he is signing an order imposing retaliatory tariffs on US trading partners.
The dollar also slipped against other major currencies, including the British pound sterling and the Swiss franc.
Trump also announced that India will now be subject to a 27% tariff.
The White House said the fresh tariffs will begin from April 5 and April 9.
Trump held up a chart as he spoke while cabinet member Howard Lutnick listened and clapped along with steel workers and auto workers who lauded the move.
“Taxpayers have been ripped off for more than 50 years,” Trump said at the White House. “But it is not going to happen anymore.”
Fulfilling a key campaign pledge, Trump bypassed Congress and invoked the 1977 International Emergency Powers Act to impose the tariffs. The move, described as an extraordinary step, is aimed at overhauling America’s trade relationships and asserting greater control over imports.
An audience of cabinet members, as well as workers in hard hats from industries including steel, oil and gas, whooped and cheered as Trump said the tariffs would “make America wealthy again.”
“For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,” Trump said.
- Location :
Washington D.C., United States of America (USA)
