WASHINGTON, April 2 (Reuters) – President Donald Trump said on Wednesday that he would impose a 10% baseline tariff on all imports to the U.S. and higher duties on dozens of other countries, including some of the United States’ biggest trading partners, deepening a trade war that he kicked off on his return to the White House, according to ”reuters.com” .
The sweeping duties would erect new barriers around the world’s largest consumer economy, reversing decades of trade liberalization that have shaped the global order. Trading partners are expected to respond with countermeasures of their own that could lead to dramatically higher prices for everything from bicycles to wine.
U.S. stock futures sank after the announcement, following weeks of volatile trading as investors speculated about how the incoming tariffs might affect the global economy, inflation and corporate earnings. U.S. stocks have erased nearly $5 trillion of value since February.
„It’s our declaration of independence,” Trump said at an event in the White House Rose Garden.
Chinese imports will be hit with a 34% tariff, according to Trump, on top of the 20% levy that he previously imposed on that country. Close U.S. allies were not spared, including the European Union, which faces a 20% tariff.
A White House official, speaking on condition of anonymity, said the higher penalties will take effect on April 9 and will apply to about 60 countries in all. The baseline 10% tariff will take effect on Saturday, the official said.
The „reciprocal” tariffs, Trump said, were a response to duties and other non-tariff barriers put on U.S. goods.
Canada and Mexico, the two largest U.S. trading partners, already face 25% tariffs on many goods and will not face additional levies from Wednesday’s announcement.
The reciprocal tariffs do not apply to certain goods, including copper, pharmaceuticals, semiconductors, lumber, gold, energy and „certain minerals that are not available in the United States,” according to a White House fact sheet.
Following his remarks, Trump signed an order to close a trade loophole used to ship low-value packages – those valued at $800 or less – duty-free from China, known as „de minimis.” The order covers goods from China and Hong Kong and will take effect on May 2, according to the White House.
Trump is also planning other tariffs targeting semiconductors, pharmaceuticals, and potentially critical minerals, the official said.
Earlier in the day, the administration said a separate set of tariffs on auto imports(25% auto tariffs) that Trump announced last week will take effect starting on Thursday.
Trump has already imposed 20% duties on all imports from China and 25% duties on steel and aluminum and extended them to nearly $150 billion worth of downstream products.
Read the full art. on ”reuters.com” .
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