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Trump rolls out sweeping new tariffs Trump rolls out sweeping new tariffs
(about 8 hours later)
The so-called Liberation Day plan sets out broad, country-specific duties on US trading partners The White House’s Liberation Day plan sets out broad, country-specific duties on US trading partners
US President Donald Trump on Wednesday announced a new round of sweeping tariffs, part of what he has branded his ‘Liberation Day’ plan, raising concerns over a potential global trade war. US President Donald Trump announced a sweeping new round of tariffs on Wednesday, as part of what he has branded his ‘Liberation Day’ plan, raising concerns about a potential global trade war.
Washington is introducing customs duties on all countries based on the principle of reciprocity, Trump has announced, calling it a day of economic independence for the United States.Washington is introducing customs duties on all countries based on the principle of reciprocity, Trump has announced, calling it a day of economic independence for the United States.
The president confirmed that the 25% global tariffs on cars and trucks will take effect as scheduled on Thursday, while duties on imported automotive parts is set to begin on May 3. The president confirmed that the 25% global tariffs on cars and trucks will take effect as scheduled on Thursday, while duties on imported automotive parts are set to take effect on May 3.
In his speech at the Rose Garden, Trump complained that “none of our companies are allowed to go into other countries.” In his speech at the White House Rose Garden, Trump complained 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 declared.“That’s why, effective at midnight, we will impose a 25% tariff on all foreign-made automobiles,” he declared.
Trump claimed the reciprocal tariffs would usher in a “golden age” for the country, adding that “jobs and factories will come roaring back.”According to a chart presented by Trump during his speech, the new tariffs will range from 10% to 50%, depending on the country. Washington will impose a 20% tariff on the EU, 34% levies on China, and 24% duties on Japan, among others.Trump claimed the reciprocal tariffs would usher in a “golden age” for the country, adding that “jobs and factories will come roaring back.”According to a chart presented by Trump during his speech, the new tariffs will range from 10% to 50%, depending on the country. Washington will impose a 20% tariff on the EU, 34% levies on China, and 24% duties on Japan, among others.
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Trump said Washington would implement “kind” reciprocal tariffs on all countries amounting to “approximately half” of what those nations charge the US.Trump said Washington would implement “kind” reciprocal tariffs on all countries amounting to “approximately half” of what those nations charge the US.
“We will supercharge our domestic industrial base” and “break down” trade barriers abroad, he vowed, noting that ultimately this would mean lower prices for consumers. “We will supercharge our domestic industrial base” and “break down” trade barriers abroad, he vowed, noting that ultimately this would entail 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, adding “We are finally putting America first.”“Our country and its taxpayers have been ripped off for more than 50 years, but it is NOT going to happen anymore,” Trump concluded, adding “We are finally putting America first.”