2 weeks Ago By Housnia Shams
Donald Trump has whipped out a massive chart detailing sweeping reciprocal tariffs of at least ten percent on practically all goods from all countries coming into the US, in a move he claimed would bolster US manufacturing. The US President made the announcement in a speech at the White House Rose Garden on April 2 - which he dubbed "Liberation Day." Trump said the tariffs would punish other countries for years of unfair trade practices.
“It’s our declaration of economic independence,” Trump said. “For years, hardworking American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. But now it’s our turn to prosper.
” Major US travel warning issued to visa holders - 'everyone is at risk - even citizens' Highly contagious airborne disease outbreak in US sparks travel warning The tariffs come after Trump last week announced 25 percent taxes on foreign-made cars. In recent weeks, the president has also imposed levies against China, Canada and Mexico ; and expanded trade penalties on steel and aluminum. Trump has also imposed tariffs on countries that import oil from Venezuela and he plans separate import taxes on pharmaceutical drugs, lumber, copper and computer chips.
The Trump administration has suggested the new tariffs would raise $600 billion a year. Importers would likely pass along some of the cost on to consumers. According to The Budget Lab at Yale University, a 20 percent universal tariff would cost the average household an additional $3,400 to $4,200.
Several US allies have responded to Trump's tariff threats in recent months. Canada has imposed retaliatory tariffs in response to the 25 percent tariffs that Trump tied to the fentanyl trafficking Donald Trump own goal as tariffs 'could cost US households up to $4,200 a year' Trump lashes out at GOP senators claiming they back drug cartels and radicals Trump Liberation Day tariffs explained as nerves shredded around the world In response to steel and aluminum tariffs imposed by the US, the European Union applied taxes on $28 billion of US goods, including on bourbon. The move prompted Trump to threaten a 200 percent tariff on European alcohol.
Many allies feel they have been reluctantly drawn into a confrontation by Trump, who routinely says America’s friends and foes have essentially ripped off the United States with a mix of tariffs and other trade barriers..
