On Wednesday, President Trump revealed that he would be imposing reciprocal tariffs on imports from approximately 90 countries, in addition to a uniform 10% tax on all imports into the U.S. He labeled this announcement as “Liberation Day“, asserting that these new taxes are essential for addressing a trade deficit with various nations, including China and the European Union.
The tariffs are meant to be cumulative, implying that imports will incur a 10% baseline tariff alongside specific reciprocal levies targeting individual countries.
“Reciprocal. That means if they impose tariffs on us, we will do the same,” Mr. Trump stated during his remarks on Wednesday.
He further indicated that these measures would enhance domestic manufacturing and create a fairer trade environment with countries that apply steeper tariffs on U.S. goods than the tariffs the U.S. imposes on their products. However, many economists predict that these tariffs could lead to rising inflation and provoke trade partners to retaliate with increased tariffs on U.S. exports.
Should these tariffs persist and retaliatory actions take place, experts like Mark Zandi, chief economist at Moody’s Analytics, warn that both the U.S. and other nations “will face severe economic downturns,” as he expressed in an email to CBS MoneyWatch.
Comprehensive list of Trump’s reciprocal tariffs by country
When will these tariffs come into force?
The reciprocal tariffs will be effective starting at 12:01 a.m. on April 9, following the baseline 10% tariff that will take effect at 12:01 a.m. on April 5.
How did the Trump administration determine tariff rates for each country?
The tariff rates have been established for every country based on the financial tariffs imposed on U.S. imports by those nations, as well as non-financial trade challenges such as regulations that complicate access for American products to those markets.
Additionally, Mr. Trump claimed that the reciprocal tariffs are only half of the rates those nations impose on U.S. goods, characterizing his new tariffs as “fair.”
