WASHINGTON, D.C. – President Donald Trump made headlines with his announcement of new tariffs, labeling the move as a ‘Liberation Day’ for the United States. The tariffs, set to be enforced through executive order, are expected to have global economic implications.
During a speech, Trump emphasized the need for reciprocal tariffs to protect American interests, citing unfair trade practices as detrimental to the country’s economy. The White House released a list of approximately 100 countries and their corresponding tariff rates, detailing the measures the US would take in response.
Among the key points of Trump’s plan is the introduction of a 10% baseline tariff on imports from all countries, scheduled to take effect on April 5th. The President argued that these tariffs would help boost domestic manufacturing, decrease taxes, and contribute to reducing the national debt.
Furthermore, specific reciprocal tariffs will be imposed on around 60 “worst offenders” starting on April 9th. These tariffs, tailored to each country, aim to address higher tariffs on US goods and other trade barriers seen as obstructing American economic objectives.
Notably, countries like the UK, Singapore, Brazil, Australia, and others will only face the 10% baseline rate. However, key trading partners such as the European Union, China, Vietnam, and others will be subject to custom tariffs as high as 49%.
Interestingly, Trump excluded Canada and Mexico from the new tariff announcements, opting to address their trade issues separately based on previous executive orders. Additionally, a 25% tariff on all foreign-made automobiles was also unveiled, set to take effect swiftly.