MercoPress. South Atlantic News Agency

Trump slaps more tariffs on foreign trade friends and foes

Countries wanting an exemption would have to change their trade policy towards the United States, Trump argued

US President Donald Trump Wednesday announced sweeping tariffs on over 164 global trade partners during a White House event dubbed “Make America Wealthy Again” and “Liberation Day.” The tariffs, aimed at addressing trade imbalances and boosting U.S. manufacturing, include a baseline 10% rate on all imports, with higher “reciprocal” tariffs—set at roughly half of what other nations charge the U.S.—on 60 countries.

“We will charge them about half of what they charge us and have been charging us. So the tariffs will not be fully reciprocal,” Trump explained. “We want to send them our cars, we want to send them everything, but we're not going to take anything they have,” he added.

The president also warned that countries wanting an exemption would have to change their trade policy, stop manipulating their currencies, and increase their imports from the United States.

Examples include 34% on China (plus an existing 20%), 25% on Japan and South Korea, 32% on Taiwan, 20% on the EU, and 10% on the Southern Common Market (Mercosur) and the UK. Canada and Mexico are exempt due to prior tariffs and the USMCA agreement, while Russia is excluded due to minimal trade amid its Ukraine conflict.

“For decades, our country has been plundered and raped by nations near and far, both friend and foe,” he also pointed out. “Steelworkers, autoworkers, farmers and skilled craftsmen [...] have truly suffered greatly, watched in anguish as foreign leaders have stolen our jobs, as foreign cheats have raped our factories, and as foreign scavengers have shattered our once beautiful American dream,” he further noted.

Trump also imposed a 25% tariff on foreign-made cars effective April 3, with other tariffs starting April 5 and 9. He claimed these measures would generate US$ 6 billion in investments and protect American workers, citing past trade deficits (e.g., $1.2 trillion under former President Joseph Biden) and examples like Canada’s 300% dairy tariffs and China’s 65%-700% rice tariffs.

“Our country and taxpayers have been ripped off for more than 50 years,” Trump added. “It's not going to happen anymore.”

Critics, including economists and Democrats like Hakeem Jeffries and Chuck Schumer, warn that consumers will bear higher costs—estimated at US$ 5,000 per household annually—potentially triggering a recession, market volatility (stocks dropped 2.39%-4.38% post-announcement), and job losses.

Trump dismissed these concerns, citing studies from his first term showing economic benefits from tariffs, and blamed past U.S. leaders for allowing trade imbalances to decimate industries like steel and manufacturing.