President Donald Trump unveiled his sweeping global tariff policy at the White House on April 2.
Trump announced worldwide tariffs of 10 percent on everything coming into the country alongside 25 percent on foreign made cars that go into effect at 12:01 a.m. April 3. The president also announced “reciprocal” tariffs for U.S. trading partners including a 34 percent tariff on China. Vietnam will be hit with a 46 percent tariff, while India and Japan will receive 26 and 24 percent tariffs, respectively.
Significantly, neither Canada nor Mexico were included on a chart that Trump displayed at the news conference nor on a detailed list given out to attendees, according to media reports.
The Trump administration has called the event both “Liberation Day” and “Make America Wealthy Again.”
Trump cited economic independence, bringing jobs and factories back to the U.S. and paying down national debt as reasons for the tariffs.
“We have to take care of our people, and we’re going to take care of our people first,” Trump said during the news conference. “Today, we’re standing up for the American worker and we’re finally putting America first.”
Trump’s announcement is the latest in a roller coaster of tariff announcements the president has made since taking office on January 20. Prior to April 2, he had already enacted a 20 percent tariff on Chinese imports and imposed tariffs of 25 percent on aluminum and steel.
This is a developing story.
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