President Donald Trump today announced tariffs of at least 10% on practically all goods coming into the United States, plus even higher rates on dozens of countries that have the highest trade deficits with the United States.
The new policy represents a dramatic shift in global trade and economic policy. It’s aimed at restoring US manufacturing prowess and the balance of trade. But it threatens to escalate an emerging global trade war and raise prices for American consumers at a precarious time for for the economy.
Trump’s policy will put in place a baseline 10% tariff on all goods from all countries except those compliant with the USMCA free trade agreement between Mexico, Canada and the United States (non-compliant goods will continue to be charged at a 25% rate). Importers of goods from other nations will begin paying the baseline 10% tariff on Saturday at 12:01 am ET.
A group of about 60 or so countries, which senior Trump administration officials labeled the “worst offenders,” will be charged a tariff at half the rate they charge the United States. Those reciprocal tariffs will go into effect April 9 at 12:01 am ET, according to a senior White House official.
President Donald Trump said that the US will impose a 25% tariff on all foreign-made automobiles effective at midnight ET to address “horrendous imbalances” that have impacted the country’s “industrial base” and put national security at risk.
Trump noted how many countries impose high tariffs on US made cars.
“None of our companies are allowed to go into other countries. And I say that, friend and foe — and in many cases, the friend is worse than the foe in terms of trade,” Trump said during his remarks from the White House Rose Garden. “But such horrendous imbalances have devastated our industrial base and put our national security at risk.”
Trump added that he doesn’t place the blame on other countries for “this calamity.”
“I blame former presidents and past leaders who weren’t doing their job. They let it happen, and they let it happen to an extent that nobody can even believe. That’s why, effective at midnight, will impose a 25% tariff on all foreign made automobiles,” the president said.
The new policy represents a dramatic shift in global trade and economic policy. It’s aimed at restoring US manufacturing prowess and the balance of trade. But it threatens to escalate an emerging global trade war and raise prices for American consumers at a precarious time for for the economy.
Trump’s policy will put in place a baseline 10% tariff on all goods from all countries except those compliant with the USMCA free trade agreement between Mexico, Canada and the United States (non-compliant goods will continue to be charged at a 25% rate). Importers of goods from other nations will begin paying the baseline 10% tariff on Saturday at 12:01 am ET.
A group of about 60 or so countries, which senior Trump administration officials labeled the “worst offenders,” will be charged a tariff at half the rate they charge the United States. Those reciprocal tariffs will go into effect April 9 at 12:01 am ET, according to a senior White House official.
President Donald Trump said that the US will impose a 25% tariff on all foreign-made automobiles effective at midnight ET to address “horrendous imbalances” that have impacted the country’s “industrial base” and put national security at risk.
Trump noted how many countries impose high tariffs on US made cars.
“None of our companies are allowed to go into other countries. And I say that, friend and foe — and in many cases, the friend is worse than the foe in terms of trade,” Trump said during his remarks from the White House Rose Garden. “But such horrendous imbalances have devastated our industrial base and put our national security at risk.”
Trump added that he doesn’t place the blame on other countries for “this calamity.”
“I blame former presidents and past leaders who weren’t doing their job. They let it happen, and they let it happen to an extent that nobody can even believe. That’s why, effective at midnight, will impose a 25% tariff on all foreign made automobiles,” the president said.
