In a watershed moment for world trade, President Donald Trump has announced sweeping tariffs on goods from countries around the world on what he has deemed as “Liberation Dayâ€. The US President declared that this move marks the beginning of a “golden age†for America.
Effective from midnight local time, all foreign-made vehicles will now face a 25% tariff, a significant increase in charges. Furthermore, the European Union will be subjected to a 20% tariff on goods entering the US, while UK goods will face a 10% tariff.
Trump emphasized that countries will be met with “reciprocal tariffs†based on the taxes they levy on US goods, with a minimum charge of 10% – what he referred to as a “baselineâ€. Specifically, Chinese goods will encounter a tariff of 34% and India will face a tariff of 26%.
The President also highlighted his intention to impose tit-for-tat tariffs to combat not only other countries’ tariffs on US goods but also what he referred to as “nonmonetary†barriers such as currency manipulation and “pollution havensâ€.
This bold move by Trump has already sparked global concern and speculation about potential repercussions on the world economy and trade relations. It remains to be seen how other countries will respond to these new tariffs, and what impact they will have on international trade dynamics.
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