Effective April 3, President Trump imposed aggressive and far-reaching reciprocal tariffs of between 10% and 48%.
In an April 2 address from the White House Rose Garden, which was streamed live, President Trump detailed his “Make America Wealthy Again” tariff plan, which he said would lead to an increase in the wealth of the country and bring “transformational” change.
“Chronic trade deficits are no longer merely an economic problem, they’re a national emergency that threatens our security and way of life,” Trump said.
Under the signed executive order, the U.S. will impose a 25% tariff on foreign-made automobiles, a minimum baseline 10% tariff and will implement what he called “discounted” reciprocal tariffs on other nations. He said he would not back down unless other nations lesser their own tariffs on the U.S.
“For nations that treat us badly, we will calculate the combined rate of all their tariffs, non-monetary barriers and other forms of cheating — and because we are being very kind … we will charge them approximately half of what they are, and have been, charging us,” he said.
During the event, he presented a chart which compared the tariffs charged to the U.S. (including currency manipulation and trade barriers) to his reciprocal tariff percent. Trump called the tariffs “discounted,” since they are less than what the countries charge the U.S. The initial list of nations impacted includes:
- China: 34%
- European Union: 20%
- Vietnam: 46%
- Taiwan: 32%
- Japan: 24%
- India: 26%
- South Korea: 25%
- Thailand: 36%
- Switzerland: 31%
- Indonesia: 32%
- Malaysia: 24%
- Cambodia: 49%
- United Kingdom: 10%
- South Africa: 30%
- Brazil: 10%
- Bangladesh: 37%
- Singapore10%
- Israel: 17%
- Philippines: 17%
- Chile: 10%
- Australia: 10%
- Pakistan: 29%
- Turkey: 10%
- Sri Lanka: 44%
- Colombia: 10%
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