Trump announces reciprocal tariffs, vows to 'make America wealthy again'

US President Donald Trump announces new reciprocal tariffs under his 'Liberation Day' plan, calling it a declaration of economic independence despite inflation concerns in the US

United States President Donald Trump has finally announced the long-anticipated reciprocal tariffs early on Thursday (Indian Standard Time), as part of his "Liberation Day" economic plan, promising to "make America wealthy again".

 

As he took the podium in the Rose Garden to promote his new tariffs, Trump described the move as America’s "declaration of economic independence".

 

"It’s one of the most important days in American history. We are going to make America great again. Greater than ever before… we will supercharge our domestic industrial base… More production at home will mean more competition and lower prices for consumers," Trump said at the start of his remarks before announcing the reciprocal tariffs.

 

He expressed confidence in raising tariffs, dismissing warnings from economists that the move would further increase prices for American consumers already burdened by inflation.  ALSO READ | Donald Trump's List of Reciprocal Tariffs by Country

 

"Reciprocal. That means they do it to us and we do it to them. Very simple. Can’t get any simpler than that," he said.

 

Fresh round of tariffs rolled out

 

"We subsidise a lot of countries and keep them going and keep them in business. Why are we doing this? I mean, at what point do we say you’ve got to work for yourselves? This is why we have the big deficits. This is why we have that amount of debt that’s been placed on our heads over the last number of years, and we’re really not taking it anymore," Trump said as he announced fresh rounds of tariffs on trading partners.

 

New tariffs announced:

  India: 26%

China: 34%

EU: 20%

Vietnam: 46%

Taiwan: 32%

Japan: 24%

South Korea: 25%

Thailand: 36%

Switzerland: 31%

Indonesia: 32%

Malaysia: 24% 

Cambodia: 49%

United Kingdom: 10%

South Africa: 30%

Brazil: 10%

Bangladesh: 37%

Singapore: 10%

Israel: 17%

Philippines: 17%

 

  Trump also mentioned a 10 per cent universal baseline tariff applicable to all countries. The tariffs mentioned above are inclusive of the 10 per cent baseline.  Trump said the only way for companies to not face tariffs was through making their products in the US.    

Canada and Mexico don’t feature on the chart unveiled by Trump at the White House. 

Trump signed an executive order imposing his sweeping reciprocal tariff plan, after speaking for roughly 50 minutes.  ALSO READ | Trump announces 26% tariffs on imports from India in 'kind reciprocal' move

 

"It’s going to be a day that hopefully you’re going to look back in years to come and you’re going to say, 'You know, he was right. This has turned out to be one of the most important days in the history of our country,'" Trump said. 

Tariffs already imposed

  Trump had already announced a 20 per cent tariff on Chinese imports, a 25 per cent tariff on all steel and aluminium imports, and a 10 per cent tariff on energy imports from Canada. He announced a 25 per cent tariff on all auto imports last week, which is set to take effect on April 3.