Trump announces global reciprocal tariff plan: 34% on Chinese goods, 20% on EU goods.

U.S. President Trump launched a global trade war on Wednesday, April 2, announcing the implementation of "reciprocal tariffs" to revitalize American industry and end what he called the "looting" of America. Trump announced massive tariffs on imported products: 34% on Chinese goods, 20% on EU goods, 32% on Taiwan region, and 46% on Vietnamese goods. After Trump announced the new tariffs, the U.S. dollar fell by more than 1% against the euro.

AFP quick report, U.S. President Trump announced at the White House Rose Garden on Wednesday that massive tariffs would be imposed on imported goods entering the United States: 34% on goods from China, 20% on goods from the EU, and 46% on goods from Vietnam.

Trump announced on Wednesday that a 31% tariff would be imposed on imported goods from Switzerland, a higher rate than the 20% tariff on EU goods. The high tariff on Switzerland was in response to the 61% tariff imposed by Switzerland on U.S. goods. Trump showcased relevant data in his highly anticipated speech held in the White House garden.

Due to the 64% tariff imposed by the Taiwan region on U.S. goods, the U.S. will impose a 32% tariff on the seventh category of goods from Taiwan.

In addition, a 10% tariff will be imposed on goods from the UK and Brazil, 24% on Japanese goods, 25% on South Korean goods, and 26% on Indian goods. The tariffs on Vietnamese and Cambodian goods are as high as 46% and 49%, respectively.

Trump also announced that a minimum 10% tariff standard will be established for all goods entering the United States.

After Trump announced the new tariff measures, the U.S. dollar fell by more than 1% against the euro at international standard time 20:20, and foreign exchange traders were concerned that the U.S. economy might slow down.

AFP reported that Trump began his much-watched speech at the White House by saying, "Later, I will sign a historic decree imposing reciprocal tariffs on multiple countries around the world."

AFP said that the Republican president described this move as an "economic independence declaration" and reiterated his commitment to lead the U.S. into a "golden age." Trump said, "For decades, our country has been plundered, looted, violated, and devastated by countries near and far, whether allies or enemies."

Trump said on his social media platform Truth Social, "Today is America's Liberation Day."

In response, House Democratic Leader Hakeem Jeffries refuted, "This is not a liberation day, but the beginning of a recession."

The impact of Trump's tariff measures could be significant. In 2024, the total U.S. imports reached approximately $3.3 trillion, which exceeds France's GDP.

Trump views this series of tariff measures as a "magic wand" that can bring the U.S. back to industrialization, rebalance the trade deficit, and fill the fiscal deficit.

AFP reported that Trump showed great interest in the protectionist policies implemented in the U.S. from the late 19th century to the early 20th century. He promised to reduce living costs during his campaign, but so far, he has ignored the inflation risks pointed out by economists.

Many economists believe that it is unrealistic for the U.S. to achieve self-sufficiency in the 21st-century globalized economy, especially given the widespread distribution of production chains worldwide.

Source: rfi

Original article: https://www.toutiao.com/article/1828335589243931/

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