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US President Donald Trump unveiled his tariffs on Wednesday, which was promoted as “Liberation Day” for weeks. Trump has set a “baseline tariff” which will be imposed on all countries on April 5, while the higher rates for countries the White House considers “the worst offenders” will be implemented on April 9.
According to AFP, the increased tariffs will significantly impact major US trading partners, with the European Union (EU) facing a 20% rate and China a 34% rate. The tariff in China has reached 54%, this new tariff builds on an additional 20% levy that Trump imposed earlier this year due to its alleged involvement in the illicit fentanyl supply chain.
Other key trading partners facing increased tariffs include India, which will see a 26% added rate, South Korea at 25%, and Japan at 24%.
“For nations that treat us badly, we will calculate the combined rate of all their tariffs, non-monetary barriers and other forms of cheating,” Trump was quoted by AFP. The numbers, he said, are “approximately half of what they are and have been charging us.”
According to BBC, the White House said the latest changes would not change anything for Mexico and Canada, two of America’s closest trading partners.
Trump earlier imposed 25% tariffs on imports from both countries, with a lower rate on Canadian energy, and they will continue to face these duties. Goods entering the world’s biggest economy under the US- Mexico- Canada Agreement will still be exempted.
However, other allies will also be subject to new tariffs, with the UK facing a 10% levy and the European Union hit with a 20% rate.
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Exceptions To The List
There are some exceptions to the list, Cuba, Belarus, North Korea, and Russia are exempt from Trump’s new “reciprocal tariffs” as they are already under sanctions that “preclude any meaningful trade.”
Certain goods like copper, pharmaceuticals, semiconductors, lumber, gold, energy and “certain minerals” are also exempt from reciprocal tariffs unveiled Wednesday, according to AFP.
Trump has also ordered an end to the duty-free exemption for small parcels from China, a decision expected to significantly impact the import of low-cost goods. U.S. officials have scrutinized the rule, citing the rise of Chinese-founded e-commerce platforms like Shein and Temu as key contributors to the surge in shipments using this exemption. This will start on May 2, according to Trump’s executive order.
