US President Donald Trump on Wednesday introduced sweeping reciprocal tariffs on imports from multiple countries, marking a significant escalation in his trade policy.
The new levies, ranging from 10 per cent to 49 per cent, include a 26 per cent tariff on Indian imports, as the White House seeks to counter what Trump has termed “unfair” global trade practices.
Addressing a press conference at the White House, Trump declared a 10 per cent baseline tax on imports from all nations, asserting that the move was a step towards economic self-reliance.
The tariffs, he said, are structured to reflect but not entirely mirror the duties imposed by other countries on American exports.
Labelled as a “Liberation Day” for the US economy, the tariffs are expected to generate billions in additional revenue for the American government.
Trump described the policy as a declaration of “economic independence,” affirming his commitment to placing “America first.”
“Taxpayers have been ripped off for more than 50 years,” he said. “But it is not going to happen anymore.”
The reciprocal tariffs have been introduced via an executive order, bypassing Congressional approval, and will take effect from April 9 at 12:01 am, according to a senior White House official quoted by Reuters.
Trump signed the order in the presence of factory and automotive workers, along with members of his Cabinet.
Announcing the measures in the White House Rose Garden, Trump said he was taking decisive action against nations that run significant trade surpluses with the United States.
In addition to the new tariffs on specific nations, the president also levied a baseline 10 per cent tax on all imports.
“Our country has been looted, pillaged, raped and plundered,” Trump declared, arguing that the global trade system has long disadvantaged the United States. “Taxpayers have been ripped off for more than 50 years. But it is not going to happen anymore.”
The move is among the most aggressive trade measures taken by a US administration in decades and threatens to upend existing international economic frameworks. It has already unsettled global markets, with US stock futures falling sharply overnight amid fears of rising costs for American consumers and businesses.
Full list of tariffs
The newly imposed tariffs on major trading partners are as follows:
- China: 34 per cent
- European Union: 20 per cent
- South Korea: 25 per cent
- India: 26 per cent
- Vietnam: 46 per cent
- Taiwan: 32 per cent
- Japan: 24 per cent
- Thailand: 36 per cent
- Switzerland: 31 per cent
- Indonesia: 32 per cent
- Malaysia: 24 per cent
- Cambodia: 49 per cent
- United Kingdom: 10 per cent
- South Africa: 30 per cent
- Brazil: 10 per cent
- Bangladesh: 37 per cent
- Singapore: 10 per cent
- Israel: 17 per cent
- Philippines: 17 per cent
- Chile: 10 per cent
- Australia: 10 per cent
- Pakistan: 29 per cent
- Turkey: 10 per cent
- Sri Lanka: 44 per cent
- Colombia: 10 per cent
Additionally, Trump announced a 25 per cent tariff on automobiles not assembled in the US, effective from April 3, a move expected to impact vehicle prices worldwide.
The announcement has been met with concerns from several quarters. Economists warn that the tariffs could trigger inflationary pressures, increase costs for American consumers, and risk retaliatory measures from affected nations.
While the White House maintains that these levies will restore fairness in trade and strengthen domestic industries, trading partners have signalled potential countermeasures.
The European Union has already responded with proposed tariffs on American goods, and China has warned against escalating trade tensions.
Meanwhile, critics in the US have questioned the effectiveness of the measure. Representative Suzan DelBene, a Democrat from Washington, denounced the move, stating, “This is a massive tax increase on American families, and it’s without a vote in Congress.”
Despite the scepticism, House Speaker Mike Johnson, a Republican from Louisiana, expressed optimism about the long-term benefits. “It may be rocky in the beginning. But I think that this will make sense for Americans and help all Americans.”
With global markets closely monitoring developments, the full impact of the tariffs remains to be seen.
