"Independance Day"
Trump rolls out sweeping new tariffs
The so-called Liberation Day plan sets out broad, country-specific duties on US trading partners
US President Donald Trump on Wednesday announced a new round of sweeping tariffs, part of what he has branded his ‘Liberation Day’ plan, raising concerns over a potential global trade war.
Washington is introducing customs duties on all countries based on the principle of reciprocity, Trump has announced, calling it a day of economic independence for the United States.
The president confirmed that the 25% global tariffs on cars and trucks will take effect as scheduled on Thursday, while duties on imported automotive parts is set to begin on May 3.
In his speech at the Rose Garden, Trump complained that “none of our companies are allowed to go into other countries.”
“That’s why, effective at midnight, we will impose a 25% tariff on all foreign-made automobiles,” he declared.
Trump claimed the reciprocal tariffs would usher in a “golden age” for the country, adding that “jobs and factories will come roaring back.”
According to a chart presented by Trump during his speech, the new tariffs will range from 10% to 50%, depending on the country. Washington will impose a 20% tariff on the EU, 34% levies on China, and 24% duties on Japan, among others.
Trump said Washington would implement “kind” reciprocal tariffs on all countries amounting to “approximately half” of what those nations charge the US.
“We will supercharge our domestic industrial base” and “break down” trade barriers abroad, he vowed, noting that ultimately this would mean lower prices for consumers.
“Our country and its taxpayers have been ripped off for more than 50 years, but it is NOT going to happen anymore,” Trump concluded, adding “We are finally putting America first.”
BREAKING ❗️📉 — S&P 500 futures accelerate losses, now down -3% in 4 minutes, after Trump's Declaration of Trade War against, basically, the whole World
That’s -$1.3 TRILLION of market cap erased in 4 minutes.
NZ takes a break from village news to report on this
BREAKING: The United States will charge a 34% tax on imports from China, a 20% tax on imports from the European Union, 25% on South Korea, 24% on Japan and 32% on Taiwan.
BREAKING: 🇨🇳🇺🇸 China restricts companies from investing in the US.
If we had real industry at scale and REAL supply chains this might work. Russia HAS these which is why they can literally shrugg off american sanctions. We have no such thing. We managed to make some M2 chips for Apple..
and sent them to mainland China.