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| Trump tariffs: 'Worst offenders' around world face import taxes up to 50% | Trump tariffs: 'Worst offenders' around world face import taxes up to 50% |
| (about 1 hour later) | |
| Watch: Key moments in Trump’s ‘Liberation Day’ tariffs announcement | Watch: Key moments in Trump’s ‘Liberation Day’ tariffs announcement |
| President Donald Trump has unveiled plans for new import taxes on all goods entering the US, in the biggest upheaval of the international trade order since the aftermath of World War Two. | President Donald Trump has unveiled plans for new import taxes on all goods entering the US, in the biggest upheaval of the international trade order since the aftermath of World War Two. |
| His plan sets a baseline tariff on all imports of at least 10%, consistent with a proposal he made on the campaign last year. | His plan sets a baseline tariff on all imports of at least 10%, consistent with a proposal he made on the campaign last year. |
| Items from about 60 trade partners that the White House described as the "worst offenders", including the European Union and China, face higher rates - payback for what Trump said unfair trade policies. | Items from about 60 trade partners that the White House described as the "worst offenders", including the European Union and China, face higher rates - payback for what Trump said unfair trade policies. |
| Analysts said the trade war escalation was likely to lead to higher prices for Americans and slower growth in the US, while some countries around the world could be plunged into recession. | Analysts said the trade war escalation was likely to lead to higher prices for Americans and slower growth in the US, while some countries around the world could be plunged into recession. |
| But in Wednesday's announcement at the White House, Trump said the measures were necessary because countries were taking advantage of the US by imposing high tariffs and other trade barriers. | But in Wednesday's announcement at the White House, Trump said the measures were necessary because countries were taking advantage of the US by imposing high tariffs and other trade barriers. |
| Declaring a national emergency, the Republican president said the US had for more than five decades been "looted, pillaged, raped and plundered by nations near and far, both friend and foe alike". | Declaring a national emergency, the Republican president said the US had for more than five decades been "looted, pillaged, raped and plundered by nations near and far, both friend and foe alike". |
| "It's our declaration of economic independence," Trump said in the Rose Garden against a backdrop of US flags. | "It's our declaration of economic independence," Trump said in the Rose Garden against a backdrop of US flags. |
| The White House said the US would start charging the 10% tariffs on 5 April, with the higher duties for certain nations starting on 9 April. | The White House said the US would start charging the 10% tariffs on 5 April, with the higher duties for certain nations starting on 9 April. |
| Live updates and reaction to Trump tariffs | Live updates and reaction to Trump tariffs |
| What are tariffs and why is Trump using them? | What are tariffs and why is Trump using them? |
| "Today we are standing up for the American worker and we are finally putting America first," Trump said, calling it "one of the most important days, in my opinion, in American history". | "Today we are standing up for the American worker and we are finally putting America first," Trump said, calling it "one of the most important days, in my opinion, in American history". |
| His decision to move forward stunned many analysts. | His decision to move forward stunned many analysts. |
| "He just dropped a nuclear bomb on the global trading system," Ken Rogoff, former chief economist at the International Monetary Fund, told the BBC. | "He just dropped a nuclear bomb on the global trading system," Ken Rogoff, former chief economist at the International Monetary Fund, told the BBC. |
| Canada and Mexico not affected | Canada and Mexico not affected |
| Tariffs are taxes on imports. On the campaign trail last year, Trump said he would use them to raise revenue for the government and boost manufacturing, promising a new age of US prosperity. | Tariffs are taxes on imports. On the campaign trail last year, Trump said he would use them to raise revenue for the government and boost manufacturing, promising a new age of US prosperity. |
| He spent weeks previewing Wednesday's announcement, which followed other orders raising tariffs on imports from China, foreign cars, steel and aluminium and 25% on some goods from Mexico and Canada. | He spent weeks previewing Wednesday's announcement, which followed other orders raising tariffs on imports from China, foreign cars, steel and aluminium and 25% on some goods from Mexico and Canada. |
| For now, the White House said the latest changes would not change anything for Mexico and Canada, two of America's closest trading partners. | For now, the White House said the latest changes would not change anything for Mexico and Canada, two of America's closest trading partners. |
| Watch: Top lawmakers Johnson and Schumer react to Trump's tariffs | Watch: Top lawmakers Johnson and Schumer react to Trump's tariffs |
| But other allies will face new tariffs, including 10% for the UK and 20% for the European Union, said Trump. | But other allies will face new tariffs, including 10% for the UK and 20% for the European Union, said Trump. |
| Tariffs on goods from China will jump a further 34%, adding to an existing 20% levy, while the tariff rate will rise to 24% for goods from Japan, and 26% from India. | Tariffs on goods from China will jump a further 34%, adding to an existing 20% levy, while the tariff rate will rise to 24% for goods from Japan, and 26% from India. |
| Some of the highest duties will hit exports from countries that have seen a rush of investment in recent years, as firms shifted supply chains away from China following tariffs in Trump's first term. | Some of the highest duties will hit exports from countries that have seen a rush of investment in recent years, as firms shifted supply chains away from China following tariffs in Trump's first term. |
| Goods from Vietnam and Cambodia will be hit with 46% and 49% respectively. | Goods from Vietnam and Cambodia will be hit with 46% and 49% respectively. |
| Other high levies will fall on much smaller nations, with goods from the southern African country of Lesotho facing 50%. | |
| Here's how Trump's tariffs on China, EU and more will work | Here's how Trump's tariffs on China, EU and more will work |
| Six things that could get more expensive for Americans | Six things that could get more expensive for Americans |
| The duties will affect trillions of dollars in trade, likely setting the stage for higher prices in the US on clothing, European wine, bicycles, toys and thousands of other items. | |
| Olu Sonola, head of US economic research at the Fitch Ratings agency, estimated that the measures would bring the US tariff rate to what was in place in 1910. | Olu Sonola, head of US economic research at the Fitch Ratings agency, estimated that the measures would bring the US tariff rate to what was in place in 1910. |
| "This is a game-changer, not only for the US economy but for the global economy," he said. | "This is a game-changer, not only for the US economy but for the global economy," he said. |
| "Many countries will likely end up in a recession." | "Many countries will likely end up in a recession." |
| The tariffs will affect trillions of dollars in trade | The tariffs will affect trillions of dollars in trade |
| The US stock market was closed for trading by the time that Trump made his announcement, which he branded "Liberation Day". | The US stock market was closed for trading by the time that Trump made his announcement, which he branded "Liberation Day". |
| But shares in the Asia-Pacific region opened lower on Thursday morning. | But shares in the Asia-Pacific region opened lower on Thursday morning. |
| Japan's benchmark stock index, the Nikkei 225, was down by 4% in early trading. Australia's ASX 200 was around 2% lower. | Japan's benchmark stock index, the Nikkei 225, was down by 4% in early trading. Australia's ASX 200 was around 2% lower. |
| Wedbush Securities analyst Dan Ives described the tariffs as "worse than the worst case" that investors had anticipated. | Wedbush Securities analyst Dan Ives described the tariffs as "worse than the worst case" that investors had anticipated. |
| But he said he believed there would be negotiations and exemptions. | But he said he believed there would be negotiations and exemptions. |
| Trump has described his measures as "reciprocal" - intending them as a retaliation for other countries' policies that he says fuel high trade imbalances. | Trump has described his measures as "reciprocal" - intending them as a retaliation for other countries' policies that he says fuel high trade imbalances. |
| These include high tariffs, as well as Value Added Tax (VAT) or regulations that bar foods with traces of certain chemicals. | These include high tariffs, as well as Value Added Tax (VAT) or regulations that bar foods with traces of certain chemicals. |
| Treasury Secretary Scott Bessent warned other countries against hitting back with their own tariffs. | Treasury Secretary Scott Bessent warned other countries against hitting back with their own tariffs. |
| "My advice to every country right now is, do not retaliate," Bessent told Fox News. | "My advice to every country right now is, do not retaliate," Bessent told Fox News. |
| "Sit back, take it in, let's see how it goes. Because if you retaliate, there will be escalation," he warned. "If you don't retaliate, this is the high watermark." | "Sit back, take it in, let's see how it goes. Because if you retaliate, there will be escalation," he warned. "If you don't retaliate, this is the high watermark." |
| The new tariffs were announced at the same time that Trump reinstated plans to end tax-free treatment for small packages from China as of May, a move that would hurt Amazon rivals such as Shein and Temu. | The new tariffs were announced at the same time that Trump reinstated plans to end tax-free treatment for small packages from China as of May, a move that would hurt Amazon rivals such as Shein and Temu. |
| He confirmed that a 25% tax on imports of all foreign-made cars, which he announced last week, would begin from midnight. | He confirmed that a 25% tax on imports of all foreign-made cars, which he announced last week, would begin from midnight. |
| And he repeated his intention to hit specific items that were exempt from Wednesday's action, such as copper and pharmaceuticals, with separate tariffs. | And he repeated his intention to hit specific items that were exempt from Wednesday's action, such as copper and pharmaceuticals, with separate tariffs. |
| Trump has dismissed concerns about how his tariffs will affect the US economy. | Trump has dismissed concerns about how his tariffs will affect the US economy. |
| But the move is likely to prove a political test for the administration, which was elected in part on promises to tame prices. | But the move is likely to prove a political test for the administration, which was elected in part on promises to tame prices. |
| Opinion surveys indicate that many Americans do not believe tariffs will help the economy, as Trump argues. | Opinion surveys indicate that many Americans do not believe tariffs will help the economy, as Trump argues. |
| About 48% of Republicans told a recent Marquette Law School Poll that they shared those concerns. | About 48% of Republicans told a recent Marquette Law School Poll that they shared those concerns. |
| Gustavo Flores-Macias, professor of government and public policy at Cornell University, said: "The promise of generating manufacturing jobs in the US is not going to be immediate - if it materialises. | Gustavo Flores-Macias, professor of government and public policy at Cornell University, said: "The promise of generating manufacturing jobs in the US is not going to be immediate - if it materialises. |
| "The increase in prices is likely to materialise very quickly." | "The increase in prices is likely to materialise very quickly." |
| He said Trump's announcement meant that the international trade system, which the US helped to create after World War Two, was "unravelling". | He said Trump's announcement meant that the international trade system, which the US helped to create after World War Two, was "unravelling". |