Donald Trump unveiled and then enacted a two-step tariff approach Wednesday as his long-awaited “Liberation Day” plans were released during a Rose Garden event at the White House.
The president is imposing a baseline tariff rate of 10% on countries that will go into effect on April 5. Additional tariffs will be added for some countries that the administration considers to be the worst offenders. Those additional duties will follow on April 9.
The president said Wednesday those additional rates were calculated based on both tariff and non-tariff barriers that he has long bemoaned.
It all amounted to a dramatic move that, if it holds, could reorient the global trading system. It also represents the climax of Trump’s decades-long focus on tariffs and unfair trading relationship that he says led to America being ripped off.
Following the announcement, Evercore ISI calculated that the new weighted-average tariff rate imposed by the US could jump to 29% once all the new duties are enacted the highest in more than 100 years.
Countries face duties of at least 10% in Trump’s new reciprocal tariff plan. Many will see a far higher rate.
China – 34%
European Union – 20%
Vietnam – 46%
Taiwan – 32%
Japan – 24%
India – 26%
South Korea – 25%
Thailand – 36%
Switzerland – 31%
Indonesia – 32%
Malaysia – 24%
Cambodia – 49%
United Kingdom – 10%
South Africa – 30%
Brazil – 10%
Bangladesh – 37%
Singapore – 10%
Israel – 17%
Philippines – 17%
Chile – 10%
Australia – 10%
Pakistan – 29%
Turkiye – 10%
Sri Lanka – 44%
Colombia – 10%
Peru -10%
Nicaragua – 18%
Norway – 15%
Costa Rica – 10%
Jordan – 20%
Dominican Republic – 10%
United Arab Emirates – 10%
New Zealand – 10%
Argentina – 10%
Ecuador – 10%
Guatemala – 10%
Honduras – 10%
Madagascar – 47%
Myanmar (Burma) – 44%
Tunisia – 28%
Kazakhstan – 27%
Serbia – 37%
Egypt – 10%
Saudi Arabia – 10%
El Salvador – 10%
Côte d’Ivoire – 21%
Laos – 48%
Botswana – 37%
Trinidad and Tobago – 10%
Morocco – 10%
Algeria – 30%
Oman – 10%
Uruguay – 10%
Bahamas – 10%
Lesotho – 50%
Ukraine – 10%
Bahrain – 10%
Qatar – 10%
Mauritius – 40%
Fiji – 32%
Iceland – 10%
Kenya – 10%
Liechtenstein – 37%
Guyana – 38%
Haiti – 10%
Bosnia and Herzegovina – 35%
Nigeria – 14%
Namibia – 21%
Brunei – 24%
Bolivia – 10%
Panama – 10%
Venezuela – 15%
North Macedonia – 33%
Ethiopia – 10%
Ghana – 10%
Credit: YahooFinance