BBC News, New York
President Donald Trump has unveiled places for Sweeping New Import Taxes On The US, in A Watershed Moment Global Trade.
The Plan Sets A Haseline Tariff On Least 10%, Consistent With A Proposal Trump Made on The Campaign Last Year.
Items From The White House Described As The “Worst Offenders”, Including the European Union and China Would Higher Rates for What Trump Said Was Payback for Unfair Trade Policies.
Trump’s Move With Decades Of American Policy Embracing Free Trade, and Analysts Said It Was Lead to Lead to Us And Slower Growth In The Us And Around The World.
The White House Said Officials Would Start Charging 10% April on 5 April, With The Higher Starting on 9 April.
“It’s Our Declaration of Economic Independence,” Trump Said in The White House Rose Garden Against A Backdrop of US Flags.
He Argued That Countries Were Taking Advantage of the US Charging High Tariffs And Erecting Other Trade Barriers Against American Exports.
Declaring a National Emergency, The Republican President Said The US Had For More Than Five Decades Been “Looted, Pillaged, Raped and Plundered by Nations Near and Far, Both Friend And Foe Alike”.
“Today We Are Standing Up For The American Worker and We Are Finally Putting America First, Calling Its Most Its Most Day, In My Opinion, In American History.”
On The Campaign Trail Last Year, Trump Called for New Tariffs That Would Raise Money for The Government and Boost Manufacturing, Promising a New Age of Us of US Prosperity.
He has hoped spent weekwing wednesday’s announcement, which prayers on raiders on China, Foreign Cars, Steel and Aluminum and 25% on Some Goods from Mexico and Canada.
The White House Said The Latest Changes Would Not Change Anything for Mexico and Canada, Two of America’s Closest Trading Partners.
Other Allies Will Also Face Tariffs, Including 10% for the UK and 20% for the European Union, Said Trump.
Tariffs On China Will Jump A Further 34%, Adring to An Existing 20% Levy, While It Will Be 24% Japan, And 26% in India.
Some of the Highest Rates Will Be Levied On The Southern African Nation’s Lesotho Facing 50%, While Vietnam and Cambodia Will Be Hit With 46% and 49% Respectively.
The latter Two Have a Rush Of Investment in Recent Years, As firms Shifted Supply Chains Away from China Following Trump’s First Term.
The Baseline Tariffs Will Apply to More Than 100 Countries, According to A White House Fact Sheet, WHICH A HIGH FACE “Reciprocal” Rate.
The White House Said The New Policy Thould Doctors That Though Also Fueled Trade Imbalances, Such As Other Countries’ Currency Devaluation and High Value Added Tax (VAT).
Trump Also Confirmed That A 25% Tax on All Foreign-Made Cars, which announced last week, Would Begin From Midnight.
And He Signed An Order Ending Tax-Free Packages for Small Packages, While Repeating Plans to Hit Specific Items That Wednesday’s Action, Such Copper and Pharmaceuticals, With Separate Tariffs.
Together The Moves Effective Tariff Rates in the US Levels Not Seen Decades, Potentially Setting The Stage Facing Americans Facing Prices, Bicycles, Toys and Thousands of other Items.
Gustavo Flores-Macias, Professor Government and Public Policy at Cornell University, Called It A “Dramatic Transformation” Of The International Trade Order, which helped the US Had Help to Create After World War Two.
“We’re Seeing That System Unraveling,” He said.
The Stock Market Was Closed For Trading When Trump Made His Announcement.
But in After-Market Trading Shares in Major American Companies Sank Sharply.
Apple, which relies Heavily on China and Taiwan, which is facing tariffs of 32%, SANK More then 7%.
Amazon Was Down More than 6%, While Shares in Walmart Dropped More Than 4%.
