President Donald Trump on Wednesday declared sweeping tariffs of 10% on imports from some countries, including Ghana, amid warnings from around the world that retaliation would follow, fueling tensions in a global trade war.
The much-anticipated announcement fulfilled the president's vow to hit back against countries he says have treated the U.S. unfairly.
Trump has long threatened reciprocal tariffs against countries around the world, but the president on Wednesday announced a different plan: The U.S. will charge dozens of nations half of their current tariff rate and other fees on American imports.
Among the most prominent countries hit by the reciprocal tariffs are China at 34%, Japan at 24%, the European Union at 20%, India at 26%, Vietnam at 46% and Taiwan at 32%.
"Reciprocal,'' Trump said. "That means they do it to us and we do it to them.’’
Trump's universal tariffs on will go into effect Saturday at 12:01 a.m. and his reciprocal tariffs will hit on April 9 on new imports of foreign-made goods.
Trump says tariffs will force other countries to lower their own rates on U.S. goods and services, creating a more balanced economic playing field for U.S. exports and a strong incentive for companies to manufacture goods such as cars inside the U.S. to avoid paying the tax. However, some analysts warn that the costs of tariffs will be passed along to American consumers.
Even before the announcement, nations pledged to fight back. Canada said it was preparing countermeasures and China, Japan and South Korea were working on a unified retaliation. The EU said it would "calibrate our response."
The announcement came the same day Trump was rebuked by the Senate, where four Republicans crossed party lines to pass a resolution 51-48 to end the emergency declaration enabling tariffs against Canada. The resolution has virtually no chance to be approved in the GOP-controlled House and, even if it did, would have to be signed by Trump to become policy.
The tariffs are the latest in a series of levies Trump has announced since taking office in January. They include 25% tariffs on imported steel and aluminum, on imported automobile and automobile parts and on goods from Mexico and Canada. All those levies have fueled vehement objections from the targeted countries and industries.
