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Trump tariffs announcement highlights: US President says ‘big business not worried’
Trump tariffs announcement highlights: The White House claims that the sweeping tariffs are aimed at freeing America from its dependence on foreign goods.
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Trump tariffs announcement highlights: US President Donald Trump announced reciprocal tariffs against other countries on Wednesday during an event at the Rose Garden of the White House. The tariffs ranged from 10 per cent to 49 per cent. Trump levied a 26 per cent tariff on India, 34 per cent on China, 46 per cent on Vietnam, 10 per cent on the UK, 49 per cent on Cambodia and 25 per cent on South Korea....Read More
The Trump administration claimed that the move is aimed at freeing America from its dependence on foreign goods and deterring countries from levying unfair duties on them.
Trump, who has dubbed the announcement on April 2 as 'Liberation Day', said, “Taxpayers have been ripped off for more than 50 years. But it is not going to happen anymore.”
Notably, the chart Donald Trump displayed at White House while announcing retaliatory tariffs indicated that India charged 52 per cent tariffs, including currency manipulation and trade barriers, and America would now charge India a discounted reciprocal tariff of 26 per cent. But according to the White House documents, there will be a 27 per cent duty on India.
Last month, US Treasury Secretary Scott Bessent said the Trump administration focused on the 15 percent of the countries that account for the largest trading volumes with the US and the highest tariffs simultaneously, referring to them as the "Dirty 15."
He said these nations often have a system governing domestic content or food safety that conspires to keep American products out of their markets. These countries include, Mexico, Canada, Japan, India, Germany, South Korea, The UK, Ireland, France, etc.
More on Trump tariffs:
- Trump administration expects tariff announcements to trigger offers from affected countries to reduce their own tariffs or non-tariff measures.
- Trump, who levied 26 per cent tariffs on imports from India, has often mentioned that New Delhi has the highest average tariff rates, being one among its top trading partners. While making the announcement on Wednesday, he said, “Their Prime Minister (Narendra Modi) just left (US recently). He is a great friend of mine, but I said to him that 'you're a friend of mine, but you've not been treating us right'. India charges us 52 per cent, so we will charge them half of that - 26 per cent.”
- The new announcements were initially met with measured reactions from US' key trading partners. However, since the countries that were worst hit by sweeping tariffs had been sleeping at the time of Trump's announcement, fairly delaying any potential outrage.
- The US Senate, meanwhile, passed a resolution to rebuke Trump's tariffs on Canadian imports by a 51-48 vote tally.
