In addition to imposing a 10% general tax on all imports into the United States, President Trump proposed on Wednesday so-called reciprocal tariffs on imports from roughly 90 countries. The president called the event “Liberation Day,” stating that the additional levies are necessary to close the trade gap between the United States and other nations, including China and the European Union.

Because the tariffs will be cumulative, imports will be subject to both the 10% universal tariff and the particular reciprocal import taxes targeted at each country

Additionally, Mr. Trump claimed that these taxes would increase domestic production and level the playing field with other nations that levy more significant import duties on American goods than the United States does. However, many predict that the tariffs would lead to a resurgence of inflation and that some trading partners will respond by raising duties on U.S. imports to their countries.

That means we do it to them, and they do it to us,” Mr. Trump stated during his speech on Wednesday.

Under the proposed plan, the U.S. would impose the following tariffs in response to rates currently charged to American goods:

🇨🇳 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%

 

 

 

 

 

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