Trump introduces extensive new tariffs
The recently announced Liberation Day plan outlines extensive, country-specific obligations for US trading partners. US President Donald Trump revealed a fresh round of significant tariffs on Wednesday, a move that has raised concerns about...
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The recently announced Liberation Day plan outlines extensive, country-specific obligations for US trading partners.
US President Donald Trump revealed a fresh round of significant tariffs on Wednesday, a move that has raised concerns about a possible global trade conflict.
The administration is instituting customs duties on all nations based on the principle of reciprocity, with Trump labeling it a day of economic independence for the United States.
He confirmed that the 25% global tariffs on cars and trucks will be implemented as scheduled on Thursday, while tariffs on imported automotive parts are expected to start on May 3.
During his address in the Rose Garden, Trump expressed frustration that “none of our companies are allowed to go into other countries.”
“That’s why, effective at midnight, we will impose a 25% tariff on all foreign-made automobiles,” he stated.
Trump asserted that the reciprocal tariffs would pave the way for a “golden age” for the nation, adding that “jobs and factories will come roaring back.”
He presented a chart showing that the new tariffs would vary from 10% to 50%, depending on the respective country. Washington will place a 20% tariff on the EU, 34% on China, and 24% on Japan, among others.
Trump indicated that Washington would enact “kind” reciprocal tariffs for all countries, which would amount to “approximately half” of what those nations charge the US.
“We will supercharge our domestic industrial base” and “break down” trade barriers abroad, he promised, emphasizing that this would lead to lower prices for consumers.
“Our country and its taxpayers have been ripped off for more than 50 years, but it is NOT going to happen anymore,” Trump concluded, affirming, “We are finally putting America first."
Lucas Dupont for TROIB News
US President Donald Trump revealed a fresh round of significant tariffs on Wednesday, a move that has raised concerns about a possible global trade conflict.
The administration is instituting customs duties on all nations based on the principle of reciprocity, with Trump labeling it a day of economic independence for the United States.
He confirmed that the 25% global tariffs on cars and trucks will be implemented as scheduled on Thursday, while tariffs on imported automotive parts are expected to start on May 3.
During his address in the Rose Garden, Trump expressed frustration that “none of our companies are allowed to go into other countries.”
“That’s why, effective at midnight, we will impose a 25% tariff on all foreign-made automobiles,” he stated.
Trump asserted that the reciprocal tariffs would pave the way for a “golden age” for the nation, adding that “jobs and factories will come roaring back.”
He presented a chart showing that the new tariffs would vary from 10% to 50%, depending on the respective country. Washington will place a 20% tariff on the EU, 34% on China, and 24% on Japan, among others.
Trump indicated that Washington would enact “kind” reciprocal tariffs for all countries, which would amount to “approximately half” of what those nations charge the US.
“We will supercharge our domestic industrial base” and “break down” trade barriers abroad, he promised, emphasizing that this would lead to lower prices for consumers.
“Our country and its taxpayers have been ripped off for more than 50 years, but it is NOT going to happen anymore,” Trump concluded, affirming, “We are finally putting America first."
Lucas Dupont for TROIB News
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