President Trump on Wednesday announced a baseline 10 percent tariff on imports from all foreign countries, as well as higher tariff rates for dozens of nations that the White House deemed the “worst offenders” when it came to trade barriers.
The 10 percent tariff will go into effect on Friday. About 60 countries facing a higher reciprocal tariff will see those rates go into effect on April 9 at 12:01 a.m. Trump also announced a 25 percent tariff on all foreign-made automobiles that will take effect at 12:01 a.m. on April 3.
Among the countries being targeted with reciprocal tariffs are China, Vietnam, Taiwan, Japan, India, South Korea, Thailand, Switzerland, Indonesia, Malaysia, Cambodia, and the European Union.
Trump said those reciprocal tariffs will be calculated by combining the rate of tariffs and non-monetary barriers like currency manipulation, then divided in half.
“The tariffs will not be full reciprocal. I could have done that, I guess. But it would have been tough for a lot of countries,” Trump said.
The higher reciprocal tariffs included 35 percent on China, 20 percent on the European Union, 46 percent on Vietnam, 32 percent on Taiwan, and 24 percent on Japan.
“This is one of the most important days, in my opinion, in American history,” Trump said. “It’s our declaration of economic independence.”
Other countries with high tariffs include 26 percent on India, 21 percent on Switzerland, 32 percent on Indonesia, 24 percent on Malaysia, 49 percent on Cambodia, and 10 percent on the United Kingdom.
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