On April 2, President Trump announced reciprocal tariffs of at least 10%, excluding Russia, North Korea, Canada, and Mexico. Major exclusions included high tariffs and sanctions already in place. Key tariffs include 34% on China, 20% on the EU, and 24% on Japan, while Cambodia faces the highest at 49%.
On April 2, President Donald Trump announced a series of reciprocal tariffs of at least 10% aimed at multiple economies, deliberately excluding Russia, North Korea, Canada, and Mexico. During a speech in the White House Rose Garden, Trump declared the day as “Liberation Day,” laying out tariffs of 34% on China, 20% on the European Union, and 24% on Japan to safeguard U.S. industries against longstanding economic exploitation.
While Canada and Mexico were exempt from the new tariffs, they are not entirely free from added costs. Existing tariffs on goods from these countries remain and new levies on automotive products are anticipated to take effect. Notably, the longstanding 25% tariffs on certain goods from Canada and Mexico are still in force.
Under the new tariff framework, Cambodia is faced with the highest rate at 49%, followed by Vietnam at 46%, Sri Lanka at 44%, and China at 34%. Additionally, a 26% tariff was established for imports from India. During the announcement, Trump characterized India as “very, very tough” while expressing camaraderie with Prime Minister Narendra Modi despite addressing trade imbalances.
Interestingly, countries like Russia, North Korea, Cuba, and Belarus were not subjected to the tariffs due to existing sanctions and precluding significant trade. A White House official informed the New York Times that high tariffs and sanctions already in place justified the exclusion of these nations from the new tariffs.
In conclusion, President Trump’s introduction of new tariffs on April 2 aims to address perceived unfair trade practices across various countries while notably excluding Russia and North Korea. The tariffs, which impose substantially higher rates for specific nations, reflect an intent to protect American industries and counter longstanding trade imbalances. The measures also demonstrate the administration’s strategy to alter international trade dynamics while managing existing trade relationships with neighboring nations like Canada and Mexico.
Original Source: www.timesnownews.com
