President Donald Trump announced Wednesday evening reciprocal tariffs on all U.S. trading partners, charging half the rate of other countries’ tariffs on the U.S., he said.
Thetariffs, announced in a speech in the Rose Garden of the White House, are in addition to a baseline 10% tariff, which will apply to all imported goods.
Under Trump’s plan, the U.S. will impose reciprocal tariffs of 20% on the European Union, 24% on Japan, 25% on South Korea, 34% on China, 36% on Thailand, 37% on Bangladesh, 44% on Sri Lanka, 46% on Vietnam and 49% on Cambodia, among the announced rates.
The reciprocal tariff rates were determined by the tariffs the countries charge onimports from the U.S., Trump said, including “currency manipulation and trade barriers,” according to a poster of tariff rates shown at Wednesday’s event.
Additionally, the U.S. will implement a 25% tariff on all imported automobiles, effective April 3.
S&P 500 futures fell about 3% from the start of Trump’s remarks after he announced the reciprocal duties.
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