Trump "ignites" trade war - US imports are taxed at least 10%. 20% tax for the EU, 54% for China
President Donald Trump imposed a base tariff of 10% on all imports into the U.S. and higher tariffs on dozens of other countries, including some of the United States' largest trading partners.
The sweeping commitments are expected to erect new barriers around the world's largest consumer economy, reversing decades of trade liberalization that have shaped the global order. Trading partners will respond with their own countermeasures that could lead to significantly higher prices for every product.
U.S. stock futures fell sharply after the announcement, following weeks of volatile trading as investors speculated on how the upcoming tariffs could affect the global economy, inflation and corporate profits. U.S. stocks have wiped out nearly $5 trillion in value since February.
Chinese imports will be hit with a 34% tariff, on top of the 20% he previously imposed, bringing the total new tax to 54%. Close US allies were not spared, including the European Union, which faces a 20% tariff, and Japan, with a 24% rate.
The "reciprocal" tariffs, Trump said, were a response to duties and other non-tariff barriers imposed on American goods. He argued that the new taxes would increase jobs in the domestic manufacturing sector.
Canada and Mexico, the US's two largest trading partners, already face 25% tariffs on many goods and will not face additional taxes from the latest announcement.
Meanwhile, goods from a group of countries with smaller trade with the US, including Albania, are taxed at 10%.
Trump's barrage of sanctions has shaken financial markets and businesses that have relied on trade agreements that have been in place since the middle of the last century.
Earlier in the day, the administration said a separate set of tariffs on auto imports that Trump announced last week will take effect starting Thursday.
The US president previously imposed 25% tariffs on steel and aluminum, including by-products of these metals, worth nearly $150 billion.
Concerns about tariffs have slowed manufacturing activity across the globe, also driving up sales of cars and other imported products as consumers rush to make purchases before prices rise.
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