US President Donald Trump has announced the imposition of retaliatory tariffs potentially escalating the global trade war and increasing uncertainty in geopolitics.
The tariffs Trump announced today will range from 10% to 49% on a country-by-country basis, according to a handout provided to reporters listing tariffs on 25 countries.
Trump said the level of tariffs that the U.S. will charge on imports from those countries was determined by calculating the level of tariffs and trade barriers those countries have in place on U.S.-made products, though it remains unclear how the White House arrived at these numbers.
The US President imposed a 29 percent retaliatory tariff on Pakistan.
Donald Trump said: “Pakistan charges us a 58 percent tariff, we will impose a 29 percent tariff on Pakistan.” Furthermore, the US President imposed a 26 percent retaliatory tariffs on India.
The US President said that the his country will impose a 10 percent tax on all imports. The US will impose an additional 25 percent tax on foreign-made vehicles.
Trump exclaimed: “Today is the day of our economic freedom. Today is one of the important days in American history.”
While holding a press conference at the White House, he said that if any country complains, any country wants the tariff rate to be reduced to zero, then it will have to manufacture its products in the US because there are no tariffs here.
Donald Trump imposed tariffs of 49% on Cambodia, 30% on South Africa, 32% on Indonesia, 10% on Brazil, and 10% on Singapore.
The US president imposed tariffs of 34% on China, 24% on Japan, 46% on Vietnam, 32% on Taiwan, and 25% on South Korea.
