Trump signs sweeping new global tariffs
US President Donald Trump announced the imposition of reciprocal tariffs against dozens of countries, including major world economies, which he accused of unfair trade practices against his country. At a White House event, he signed a presidential order imposing tariffs on key trading partners, arguing that they have been cheated for more than 50 years.
US President Donald Trump announced this Wednesday (02.04.2025) that he will sign an executive order imposing "reciprocal tariffs" on the entire world.
"This is one of the most important days, in my opinion, in the history of the United States," he said at the beginning of his speech in the White House Rose Garden. "It's our declaration of economic independence," Trump added, calling the day America's "liberation day."
Trump displayed a table with country-by-country tariffs, including a 24% blanket tariff on Japan, a 25% tariff on South Korea, a 26% tariff on India, a 34% tariff on China, and a 20% tariff on all imports from the European Union. Tariffs range from a low of 10%, applied in the United Kingdom, for example, to 49% in Cambodia.
Israel will be hit with a 17% tariff, after the country, the United States' main ally in the Middle East, announced it will eliminate the few tariffs it maintained on American products. The table itself said they were "discounted reciprocal tariffs" or, as Trump called them, "friendly tariffs."
Tariffs on Latin American countries
Also included in the 10% threshold would be imports from Brazil, Colombia, Argentina, Chile, Peru, Costa Rica, the Dominican Republic, Ecuador, Guatemala, Honduras, and El Salvador, which Trump says have 10% tariffs on U.S. products. For Venezuela, the tariffs will be 15%. A White House official explained that there will be no changes to the tariffs for Mexico and Canada. Trump claimed that all these taxes "will bring unprecedented growth" and "faster than anyone thinks."
Trump, who had already announced he would wait until the close of trading on Wall Street today for his announcement, also said he would implement "the largest tax cut in the history" of the country without cutting Social Security or health programs like Medicare or Medicaid. Announcing this in his speech today, titled "Make America Wealthy Again," paraphrasing his campaign slogan, he hinted that he expects a large influx of revenue from these new tariffs, which will take effect on April 5 and 9, the White House announced immediately afterward.