Trump announces reciprocal tariffs on countries worldwide; India imposed 26%
What's the story
United States President Donald Trump has announced a minimum 10% tariff on goods imported from all foreign countries.
Announcing the decision during a speech at the White House Rose Garden, Trump said the move is part of an executive order to put an end to what he calls the exploitation of the US by foreign nations.
Trump claims that other countries have treated the US "badly," charging excessive tariffs on US imports, which he compares to "cheating."
Tariff details
Reciprocal tariffs to affect nearly all US trading partners
In exchange, the US will tax other countries "approximately half" of what they charge the US.
The new tariffs will hit at least 60 countries.
Holding up a large chart showing a table titled "Reciprocal Tariffs," he compared tariffs imposed by other countries on the US versus Washington's.
For example, he stated that the European Union imposes 39% taxes on US imports; thus, the US will impose 20% tariffs.
Cambodia had the highest tariff rate at 49%.
Economic concerns
Critics warn of potential economic repercussions
Others are: 26% on India, 25% on South Korea, 24% on Japan, 32% on Taiwan, 10% on the United Kingdom, 46% on Vietnam, and 31% on Switzerland.
China was imposed 34%, 30% on South Africa, 32% on Indonesia, 10% on Brazil, and 10% on Singapore.
He further stated that companies that build their products in the US will not need to pay any tariffs.
"There's no tariff if you build your product right here in America," Trump said.
Auto
25% tariffs on automobile imports
Trump also confirmed that his administration will impose 25% tariffs on automobile imports beginning Thursday midnight.
He claimed that more than 80% of automobiles built in South Korea are sold in South Korea, and more than 90% of cars sold in Japan are made in Japan, with US-made cars accounting for only a minor portion in those countries.
"Ford sells very little" in other nations, Trump claims, resulting in a "decimated" US industry.
Economic independence
Trump blames previous administrations for trade imbalances
In his announcement, Trump also lambasted past US presidents and administrations for "horrendous" trade imbalances that he says have hurt the US and put national security at risk.
Singling out "Sleepy Joe," Trump said that people sitting in the Oval Office earlier didn't do their job properly.
"It's our declaration of independence... Our country and its taxpayers have been ripped off for more than 50 years," he said.
Dates
When will the tariffs come into effect
The sweeping new tariffs on US trading partners will begin this weekend, according to White House officials. A higher rate on "worst offenders" will take effect next week.
Claiming that security concerns from ongoing trade deficits caused a "national emergency," the White House informed journalists that a "baseline" 10% tax will begin at 12:01am (04:01 GMT) on April 5 (Saturday).
The higher rates will commence at 12:01am on April 9.