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On Wednesday, US President Donald Trump announced a wide new set of tariffs, claiming that the US will thrive economically.
It is expected that these new import taxes, which Trump, imposed by the executive order, send economic impact waves around the world.
But the US president believes that they are necessary to resolve trading imbalances and protecting US jobs and production.
Here are the main elements of the plan.
10% Basic Tariff
During the speech before Trump’s speech, a high -ranking White House official told reporters that the president would impose a “basic” tariff on all imports in the United States.
This rate is set by 10% and will take effect on April 5.
These are companies that make foreign goods in the US that should pay the government tax, although it can lead to consumers.
Some countries will only face the base rate. These include:
- UK
- Singapore
- Brazil
- Australia
- New Zealand
- Turkey
- Colombia
- Argentina
- Salvador
- United Arab Emirates
- Saudi Arabia
User tariffs for “worst violators”
The White House also stated that they would lead what they describe as specific mutual tariffs for about 60 “worst violators”.
They will come into force on April 9.
Trump’s representatives say these countries charge higher tariffs for US goods, imposing “non -tariff” barriers to us trade or otherwise acted as they feel US economic purposes.
Key trading partners that obey these individual tariffs include:
- European Union: 20%
- China: 54%
- Vietnam: 46%
- Thailand: 36%
- Japan: 24%
- Cambodia: 49%
- South Africa: 30%
- Taiwan: 32%
No additional tariffs on Canada and Mexico
10% of the base rate does not apply to Canada and Mexico because they were already sent during the Trump presidency.
The White House said it would be engaged in both countries that use the foundation outlined in the previous executive orders of Trump, which imposed tariffs on both countries as part of the Fentonil Admission to the US and border issues.
Previously, Trump set these tariffs at 25% on all goods that are included in both countries before announcing Some release and delay.
25% tariffs on car imports
In addition, the president confirmed the beginning of a new American “25% of the tariffs on all foreign cars.”
This tariff came into force almost immediately, at midnight local time.
