The US president has slapped levies on nearly all of America’s trading partners

US President Donald Trump announced sweeping tariffs against many countries on Wednesday. The move is part of his much-touted ‘America First’ strategy aimed at boosting domestic production and fixing what the president calls unfair trade practices.

The new set of tariffs escalates the trade war Trump initiated earlier with China, Canada, and Mexico. 

“The current global trading order allows those using unfair trade practices to get ahead, while those playing by the rules get left behind,” the White House said. “In 2024, our trade deficit in goods exceeded $1.2 trillion – an unsustainable crisis ignored by prior leadership.”

‘Liberation Day’

Trump framed his ‘Liberation Day’ tariffs as a means to restore the balance of trade. He has frequently accused foreign states of abusing the openness of the US market and “ripping off” the American people.

“This is one of the most important days, in my opinion, in American history. It’s our declaration of economic independence,” Trump told reporters in the White House Rose Garden.

“We will supercharge our domestic industrial base. We will pry open foreign markets and break down foreign trade barriers, and ultimately, more production at home will mean stronger competition and lower prices for consumers,” he said.

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Baseline tariff

The US will impose a 10% baseline tariff on all imports, which will take effect on April 5. The president has argued that the measure was necessary to protect American manufacturers. 

‘Reciprocal’ duties

Additionally, Trump said he will slap dozens of nations with which the US has large trade deficits with “an individualized reciprocal higher tariff,” which will take effect on April 9. He described the countries hit by extra duties as the “worst offenders.” 

The nations subjected to “reciprocal” tariffs include China (34%), India (26%), Japan (24%), South Korea (25%) and South Africa (30%). 

LIBERATION DAY RECIPROCAL TARIFFS

Source: RT - Daily news