Trump unveils wide-ranging set of new tariffs on foreign goods
(MENAFN) US President Donald Trump has unveiled a wide-ranging set of new tariffs on foreign goods, declaring it a major step toward economic sovereignty under his “Liberation Day” initiative. The announcement has fueled concerns about an escalating global trade war.
Speaking from the White House Rose Garden on Wednesday, Trump said the US would implement tariffs on all trading partners based on “reciprocity,” asserting that American companies face unfair restrictions abroad.
Effective Thursday, a 25% tariff will be imposed on all foreign-made cars and trucks, with additional duties on auto parts set to begin May 3. Trump criticized international trade rules that he claims disadvantage US companies and pledged that the new measures would revitalize American manufacturing.
“This is economic independence day,” Trump proclaimed, promising that the move would lead to a resurgence in domestic industry and job creation.
A visual aid during the announcement showed that tariff rates would vary by country — including a 20% tariff on EU goods, 34% on Chinese imports, and 24% on Japanese products. The average rate will reportedly be around half of what each country charges US exports.
Trump argued that the tariffs would ultimately lead to lower consumer prices by eliminating foreign trade barriers and boosting local production. “We are finally putting America first,” he said, blaming decades of trade imbalances for harming the US economy.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
