US President Donald Trump unveiled sweeping new tariffs on Wednesday, imposing a 10% baseline duty on all U.S. imports and higher rates on key trading partners, significantly escalating his trade war.
Describing the move as a “declaration of independence,” Trump presented a list of reciprocal tariffs, including 34% on China and 20% on the European Union, in response to existing duties on U.S. goods. Notably, the new tariffs also include 10% on the UAE, 20% on Jordan, and 10% on Saudi Arabia, coinciding with his planned May visit to the region. The tariffs are scheduled to take effect on April 5, with higher rates for select countries beginning April 9.
These broad tariffs threaten to disrupt decades of trade liberalization, potentially leading to retaliatory measures from trading partners and significantly increased prices for consumers.
Here is a list of the duties imposed:
| Country | Tariff |
|---|---|
| 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% |
| Country | US reciprocal tariffs |
|---|---|
| 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% |
| Turkey | 10% |
| Sri Lanka | 44% |
| Colombia | 10% |
| Country | US reciprocal tariffs |
|---|---|
| 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% |
Trump’s announcement, reiterating his long-standing grievances about the impact of global trade on U.S. workers and businesses, created further uncertainty and rattled financial markets, which have relied on established trade agreements since 1947.
Additionally, the administration confirmed separate tariffs on auto imports, announced last week, will begin on April 3. This builds upon existing tariffs of 20% on Chinese imports and 25% on steel and aluminum, extended to nearly $150 billion worth of downstream products.
While the administration argues these tariffs will revitalize U.S. manufacturing, economists warn they could slow global economic growth, increase recession risks, and raise living costs for American families. Businesses also express concern over the difficulty in planning operations amidst the ongoing trade disputes.
The tariff announcements have already impacted global manufacturing and spurred pre-emptive consumer purchases of imported goods. Financial markets have experienced volatility, with U.S. stocks losing nearly $5 trillion in value since February.
