Washington DC [US], April 3 (ANI): US President Donald Trump announced a 10% tariff on all countries, effective April 5, with higher individual tariffs for nations with the largest US trade deficits beginning April 9.
The White House released a fact sheet titled “President Donald J. Trump Declares National Emergency to Increase our Competitive Edge, Protect our Sovereignty, and Strengthen our National and Economic Security,” stating that the tariffs are imposed under the International Emergency Economic Powers Act of 1977 (IEEPA) to counter trade imbalances, currency manipulation, and unfair VAT practices.
Key Details of the New Tariffs
- 10% tariff on all imports from April 5, 2025, at 12:01 AM EDT.
- Higher, individualized tariffs for countries with large US trade deficits starting April 9, 2025, at 12:01 AM EDT.
- Tariffs will remain in effect until Trump determines that the trade imbalance threat is resolved.
- Trump retains the authority to increase tariffs if nations retaliate or reduce them if countries align with the US on trade and security policies.
Tariffs Announced on April 2
Earlier, Trump unveiled country-specific tariffs, including:
- India – 26%
- China – 34%
- European Union – 20%
- Vietnam – 46%
- Taiwan – 32%
- Japan – 24%
- UK – 10%
- Bangladesh – 37%
- Pakistan – 29%
- Sri Lanka – 44%
- Israel – 17%
Additionally, a 25% tariff on all foreign-made automobiles was imposed.
Trump declared April 2 as “Liberation Day” for the US economy, stating, “Our country and its taxpayers have been ripped off for more than 50 years, but it is not going to happen anymore.”
(ANI)
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