On Wednesday, President Trump announced a baseline 10% tariff on all foreign imports and rising tariff rates in dozens of countries he considered the “worst criminals” when the White House ended up trading barriers.
The 10% tariff will come into effect on Friday. Approximately 60 countries facing higher mutual tariffs will confirm that those charges will come into effect on April 9 at 12:01am on April 9th.
Among the countries targeted by mutual tariffs are China, Vietnam, Taiwan, Japan, India, South Korea, Thailand, Switzerland, Indonesia, Malaysia, Cambodia and the European Union.
Trump said these mutual tariffs are calculated by combining tariff percentages with non-monetary barriers like currency manipulation, splitting them in half.
“The tariffs aren't entirely mutual. I could have done that. But it would be difficult for many countries,” Trump said.
The higher mutual tariffs included 35% in China, 20% in the European Union, 46% in Vietnam, 32% in Taiwan and 24% in Japan.
“This is, in my opinion, one of the most important days in American history,” Trump said. “It's a declaration of our economic independence.”
Other countries with high tariffs include 26% in India, 21% in Switzerland, 32% in Indonesia, 24% in Malaysia, 49% in Cambodia and 10% in the UK.
The president predicted his massive tariffs would be criticised, but claimed he had also heard complaints about China's handling and trade deals with Mexico and Canada in his first term.
“In the coming days, we'll have complaints from globalists, outsourkers, special interests and fake news,” Trump said. “But never forget that every prediction the enemy has made about trades over the last 30 years has proven completely wrong.”
Trump said the new tariff calculations are based in part on the value of non-tariff barriers imposed on the United States by other countries. These include means such as protective technical speculation for export products and currency adjustments. Trump's new calculations have updated the designation of foreign trade barriers for US trade representatives, making them more tolerant under the Biden administration.
Wednesday's announcement will not apply to Mexico or Canada. Instead, these two countries continue to face 25% tariffs on imports, because they are not doing enough to curb the flow of fentanyl to the US. Trump previously announced that eligible products have been exempt from these duties under the US-Mexico-Canada Trade Agreement (USMCA).
The president made the announcement from the White House Rose Garden, where ministers joined, including Secretary of State Marco Rubio, Secretary of Commerce Howard Rutnik and Department of Health and Human Services Robert F. Kennedy Jr.
Trump had previewed several weeks to announce mutual tariffs on April 2nd. But before the announcement, Trump tried to ease his expectations by saying he was more generous than many had hoped.
The president makes an announcement on a board adjacent to him in the Rose Garden, showing graphics outlining the tariffs each trading partner places in the US
He was also joined by the steel industry, truck drivers and other workers who wanted to show support for his trade policy.
Authorities are hoping for hundreds of millions of dollars in revenue over the next few years and “trillions” from mutual tariffs over the next decade, they told reporters.
Trump has announced tariffs under Ieepa, which grants the powers of the International Economic Emergency Rights Act or the president the power to regulate imports.
The White House stressed on Wednesday that tariffs were not intended as a negotiation tactic. Authorities argued that tariffs were needed to strengthen US manufacturing and boost domestic industrial bases.
“We are very focused on implementing this tariff regime,” said a senior White House official. “This is not a negotiation, it's a national emergency.”
But even experts and some Republicans have warned that tariffs will lead to rising prices for American consumers. Some countries have shown they are preparing mutual tariffs to respond to Trump's announcement, potentially causing a global trade war.
Tobias Burns contributed. Updated at 5:21pm EDT
