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U.S. President Donald Trump announced a series of new tariffs on Wednesday, believing they will allow the U.S. to flourish economically.
These new import taxes levied by Trump through executive orders are expected to send economic shocks around the world.
However, the U.S. president believes that this is necessary to resolve transaction imbalances and protect U.S. jobs and manufacturing.
This is a fundamental element of the program.
10% baseline tariff
In the background call ahead of Trump’s speech, a senior White House official told reporters that the president would impose “benchmark” tariffs on all U.S. imports.
The speed is set to 10%, and will take effect on April 5.
Companies that bring foreign goods to the United States must pay taxes to the government, although this may have a ripple effect on consumers.
Some countries will only face basic interest rates. These include:
- U.K.
- Singapore
- Brazil
- Australia
- New Zealand
- turkey
- Colombia
- Argentina
- El Salvador
- United Arab Emirates
- Saudi Arabia
Customized tariffs for “worst criminals”
White House officials also said they would impose the specific reciprocity tariffs described in the specific reciprocity tariffs of about 60 “worst criminals.”
These will take effect on April 9.
Trump officials say these countries impose higher tariffs on U.S. goods, impose “non-tariff” barriers on U.S. trade, or act in a way that undermines U.S. economic goals.
The main trading partners under these custom tariff rates include:
- EU: 20%
- China: 54%
- Vietnam: 46%
- Thailand: 36%
- Japan: 24%
- Cambodia: 49%
- South Africa: 30%
- Taiwan: 32%
There are no additional tariffs in Canada and Mexico
The 10% benchmark rate does not apply to Canada and Mexico, as they have become targets during Trump’s presidency.
The White House said it would use the framework set out in Trump’s previous execution order to impose tariffs on both countries as part of the administration’s efforts to address fentanyl’s entry into the United States and borders.
Trump previously set these tariffs to 25% of all goods before announcing Some exemptions and delays.
25% tariff on automobile imports
Additionally, the president confirmed the start of a new U.S. “25% tariff on all foreign-made autonomous motorcycles.”
At midnight local time, this tariff came into effect almost immediately.
