President Donald Trump today announced tariffs of at least 10% on almost all goods entering the United States, with even higher rates imposed on dozens of countries with the highest trade deficits with the United States.
This new policy marks a significant shift in global trade and economic policy. Its objective is to restore US manufacturing capabilities and restore the balance of trade. However, it risks escalating an emerging global trade war and potentially increasing prices for American consumers at a critical juncture for the economy.
Reuters
Trump’s policy will put in place a baseline 10% tariff on all goods from all countries except those compliant with the USMCA free trade agreement between Mexico, Canada and the United States (non-compliant goods will continue to be charged at a 25% rate). Importers of goods from other nations will begin paying the baseline 10% tariff on Saturday at 12:01 am ET.
A group of approximately 60 countries, which senior Trump administration officials identified as the “worst offenders,” will face a tariff at half the rate they impose on the United States. These reciprocal tariffs will commence on April 9 at 12:01 am ET, as confirmed by a senior White House official.
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