On Wednesday, U.S. President Donald Trump announced his intention to sign an executive order imposing "reciprocal tariffs" on countries "across the globe," fulfilling a pledge he has made since his election campaign to begin a "golden era" for the United States, though these tariffs could lead to the collapse of the global economy.
اضافة اعلان
In what he described as "Liberation Day," Trump said in a speech at the White House lawn, "I will sign, in a few minutes, a historic executive order imposing reciprocal tariffs on imports from countries around the world."
He added, "Reciprocal tariffs mean: what they do to us, we do to them. It's that simple. It can't be simpler than that," continuing, "This, in my opinion, is one of the most important days in American history."
Trump will impose a 34% tariff on imports from China and 20% on the European Union, which are among the United States' biggest trading partners.
He confirmed that a minimum tariff of 10% will be applied to many countries, while other countries will face higher tariffs, including 31% on Switzerland, 24% on Japan, and 26% on India.
In his lengthy speech, the Republican president declared that this decision is an "economic independence declaration" for the United States and a "Liberation Day" for the country.
Trump launched a fierce attack on the U.S.'s trade partners, claiming they have exploited the U.S. economically for decades by imposing high tariffs on its exports.
There are concerns that these new tariffs could have a huge impact on the global economy. In 2024, the U.S. imported around $3.3 trillion worth of goods.
The U.S. president also spoke about his trade partners, especially Mexico and Canada: "We support many countries, and we keep them going, we keep their businesses alive. Why do we do this? I mean, when do we say you need to work for yourselves?"
Trump continued, "The trade deficit is no longer just an economic problem, it has become a national emergency," as he put it.
Trump raised a chart showing the new tariffs imposed on most countries. The tariffs ranged from 10% to 50%.
With few exceptions, according to the table Trump read, the average tariff imposed by the U.S. on most countries was about half of what those countries impose on the U.S.
The chart also showed some exceptions where the U.S. had equal tariffs to those imposed by other countries.
Trump said, "The tariffs are not completely retaliatory... they are somewhat retaliatory."
The new tariff rates, presented by Trump, vary from country to country, ranging from 10% to 50%.
After Trump began his speech, the U.S. dollar dropped by 1% against the euro.
European Central Bank President Christine Lagarde said in comments to Irish radio on Wednesday that what Trump will announce "will not be good for the global economy, it will not be good for those who impose tariffs, nor for those who retaliate. This will disrupt the world of trade as we know it."
German government spokesman Steffen Seibert said, "The costs of a trade war are not borne by one side alone, and the cost could become very high for both sides." (Agencies)
