Washington DC [ US ), April 3 (ANI): After he announced the extensive tariffs worldwide, US President Donald Trump mentioned that a 10 percent duty will be applied to all nations starting from April 5th.
Furthermore, beginning April 9, nations with significant trade deficits will be affected. US will face higher, individualised tariffs .
In a factsheet entitled 'President Donald J. Trump Declares National Emergency to Enhance Our Competitiveness, Safeguard Our Sovereignty, and Fortify Our National and Economic Security,' The White House stated: “President Trump is utilizing his powers granted under the International Emergency Economic Powers Act of 1977 (IEEPA) to tackle the national crisis caused by an extensive and ongoing trade imbalance fueled by non-reciprocal trading practices and detrimental policies such as currency manipulation and excessive value-added taxes (VAT), which are enforced by certain nations.”
The statement read, "Utilizing his powers under the IEEPA, President Trump plans to introduce a 10% tariff on goods from all nations. This measure will be implemented starting April 5, 2025, at 12:01 AM Eastern Daylight Time."
The document also noted, “President Trump plans to introduce personalized elevated tariffs specifically for nations where the United States faces the most significant trade imbalances. Meanwhile, all remaining countries will keep facing the initial 10% tariff rate. These measures will commence on April 9, 2025, at 12:01 AM Eastern Daylight Time.”
The tariffs will stay in place until President Trump decides that the threat from the trade deficit and the unfair trading practices has been addressed, settled, or reduced.
The factsheet additionally noted, "The current IEEPA order includes modification powers, enabling President Trump to raise tariffs if trading partners respond with retaliation or reduce them." tariffs If trading partners make substantial efforts to address unequal trade practices and synchronize their policies with those of the United States regarding economic and national security issues.
Significantly, Trump declared new import measures tariffs On Wednesday (in local time), details were provided regarding the tariffs to be applied globally, with India encountering a 26 percent duty.
At the Make America Wealthy Again Trump stated, “When it comes to motorcycles, the U.S. imposes a mere 2.4% tariff on other nations. In contrast, countries such as Thailand apply tariffs of around 60%, India levies a rate of 70%, and Vietnam has an astonishingly high rate of 75%. Some countries go even further with their rates.”
The US The president also stated that starting from midnight, a 25 percent tariff would be applied to all imported cars. "These extreme trade disparities have severely damaged our manufacturing sector and compromised our national security. While I do not fault those nations responsible for this disaster, I hold previous presidents and former leadership accountable as they failed to fulfill their duties..." he explained.
The import tariffs Other significant contributors include China at 34 percent, the European Union with 20 percent, Vietnam at 46 percent, Taiwan contributing 32 percent, Japan at 24 percent, India with 26 percent, the United Kingdom accounting for 10 percent, Bangladesh at 37 percent, Pakistan at 29 percent, Sri Lanka with 44 percent, and Israel at 17 percent. (ANI)