Today at 20:04
U.S. President Donald Trump announced that he will impose reciprocal 10% tariffs on goods from all countries worldwide.
He made this statement during his speech.
Additionally, the U.S. will introduce 25% tariffs on all imported automobiles, which will take effect on April 3. Trump emphasized that April 2 marked “America’s Day of Economic Independence.”
“The Golden Age of America is back. Jobs and factories will return. This will lower prices for consumers,” Trump declared.
He also stated that American taxpayers have been “defrauded for 50 years,” but that this would no longer continue. According to Trump, the revenue from tariffs will be used to lower taxes, pay off national debt, and this will happen “very quickly.”
During his speech, Trump presented a comparative chart showing the supposed tariffs imposed by other countries on American goods versus U.S. tariffs on their goods.
American tariffs will also affect Ukraine, with a 10% tariff imposed on Ukrainian goods.
Background on Previous Tariffs
Earlier, Trump introduced 25% tariffs on imports from Canada and Mexico and 10% tariffs on imports from China. In response, Mexico, China, and Canada imposed their own retaliatory tariffs on American imports.
On March 12, the U.S. introduced 25% tariffs on steel, aluminum, and certain steel- and aluminum-containing products from the EU and other trading partners.
European Commission President Ursula von der Leyen criticized the move, calling it “bad for both sides,” and announced countermeasures, imposing tariffs on American goods worth €26 billion.
In response, Trump threatened to impose 200% tariffs on alcoholic beverages from the European Union. He claimed that the EU is “one of the most hostile and unfair taxation and tariff entities in the world,” allegedly designed to “take advantage of the U.S.”
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