Trump’s “Liberation Day” tariffs; reciprocal tax on US imports

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All US trade partners will be subject to sweeping new import tariffs from 5 April.

 

A 10% baseline tariff will take effect on that day, affecting all countries, including the United Kingdom, the United Arab Emirates and Brazil.

 

Then, from 9 April, a reciprocal tariff will be imposed on about 60 countries – described as the “worst offenders”. China will, from then on, have to pay 34% tax on imports to the US, the European Union 20% and South Africa 30%.

 

 

US President Donald Trump said these “offenders” acted in ways that undermined America’s economic goals. These countries allegedly exploit trade with the US by levying higher tariffs on American goods and imposing non-monetary trade barriers.

 

“For years, hardworking American citizens were forced to sit on the side lines, as other nations got rich and powerful, much of it at our expense. But now it’s our turn to prosper,” said Trump.
According to Trump, the 30% tariff for South Africa is a discount compared to the 60% that the country would otherwise have had to pay. He noted that there are “some bad things going in South Africa”.
“We’re paying them billions of dollars, and we cut the funding because a lot of bad things are happening in South Africa. The fake news ought to be looking at it, they don’t want to report it,” he said.

 

The country exports precious metals, vehicles, fruit and chemical products among other things to the US.

 

 

 

Watch Trump’s full briefing on the latest tariffs below:

 

 

This article has been updated with additional information.

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