Triggering almost a global trade war, US President Donald Trump on Wednesday announced tariffs of at least 10 percent on almost all goods from other countries, plus even higher rates for many nations, including friends, but deemed to be “worst offenders”.
Addressing an audience in the Rose Gardens of the White House, including rows of construction helmet-wearing workers, Donald Trump said: “The tariffs will not be fully reciprocal. I could have done that, I guess. But it would have been tough for a lot of countries.”
His nearly 50-minute-long speech from the White House Rose Garden was attended by his cabinet and representatives of the US steel and auto industries besides people from the working class. He called April 2 a “Liberation Day” for Amercia.
Among the countries being targeted with reciprocal tariffs are China, Vietnam, Taiwan, Japan, India, South Korea, Thailand, Switzerland, Indonesia, Malaysia, Cambodia and the European Union.
Trump announced a 34 percent reciprocal tariff on China, 26 percent on India and 20 percent on the European Union.
“The United States imposes a 2.5% tariff on passenger vehicle imports (with internal combustion engines), while the European Union (10%) and India (70%) impose much higher duties on the same product.
“For networking switches and routers, the United States imposes a 0% tariff, but India (10-20%) levies higher rates. Brazil (18%) and Indonesia (30%) impose a higher tariff on ethanol than does the United States (2.5%). For rice in the husk, the U.S. imposes a tariff of 2.7%, while India (80%), Malaysia (40%), and Turkey (31%) impose higher rates,” his factsheet posted on the White House site said.
Apples enter the United States duty-free, but not so in Turkey (60.3%) and India (50%), it said.
Trump targets China, EU; 26 pc on friend India
Trump announced at least 10% tariffs on the UK and 20% on the EU.
He said China is charging the US 67 percent but the US will now charge it 34 percent. He also called China a currency manipulator.
“EU charges us 39 percent, we will charge 20 percent,” he said, adding that Vietnam, which charges 90 percent tariff, will be charged 40 percent while Taiwan, which charges 64 percent, will be charged 32 percent.
He said Japan is very tough charging 46 percent, and much higher for certain items like cars, and so the US will charge them 24 percent. Trump said beginning tonight, the US will impose a 25 pecent tariff on all foreign-made automobiles.
“India is very very tough. They charge us 52 percent,” he said. The US will now charge a 26 percent tariff on India.
Trump’s new policies and tariffs are going to upend the global trade and economic equilibrium.
Trump said the move is aimed at restoring US manufacturing prowess and the balance of trade.
“With today’s actions, we’re also standing up for our great farmers and ranchers who are brutalized by nations all over the world,” Trump said.
“They charge us, we charge them. How can anybody be upset?” he said while targeting China and the EU in particular. “They rip us off. It’s so sad to see. It’s so pathetic,” he said.
“We import virtually all of our computers, phones, TVs and electronics,” he said, citing the example of a China shipyard which he said is producing more ships than all of American shipyards in a year.
Calling the move a “national emergency that threatens our security and threatens our way of life”, he said, “for this reason, starting tomorrow the US will implement reciprocal tariffs on other nations.”
“Time we take care of us”
Trump said the US can no longer afford to hold trade deficits with other countries.”We take care of countries all over the world… it’s time the US took care of its own people.”
He said the EU countries would not want American poultry, while Australia refuses to purchase American beef. He said Asian countries “don’t want us to sell our rice there.”
Trump said his government is “standing up for farmers and ranchers” who have been “brutalised” by the rest of the world.
He said neighbour Canada imposes a 200-250% tariff on “many of our dairy products” while the US subsidizes countries like Canada and Mexico.
Trump during his address also invited a supporter named Brian from the audience to speak. The auto worker- Brian- said he watched all his life the car plants in Detroit closing down, costing the jobs.
“Donald Trump’s policies are going to bring back investment and new plants,” he said, hailing him as the best President.
