Trump announces 10% tariff on all imports, ratcheting up pressure in global trade war
WASHINGTON — President Donald Trump announced sweeping 10% tariffs on imports from all countries Wednesday and additional duties targeting about 60 nations, fulfilling a pledge to retaliate against countries he said have treated the U.S. unfairly.
The nations hit with the additional reciprocal tariffs are those the White House said are the "worst offenders" as the largest contributors to the U.S. trade deficit and with the most significant barriers against U.S. products.
Rates of the targeted tariffs will be set at half what these countries charge on U.S. exports, Trump said from the White House while holding up a list of dozens of countries that included Japan, China, India and other entities such as the European Union that will be targeted.
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Trump unveiled his long-awaited tariffs at a Rose Garden ceremony in front of top Cabinet secretaries and autoworker union members, plowing ahead on a risky economic strategy he said is necessary to rebuild the nation's depleting manufacturing sector.
Trump, who long ago dubbed the date "Liberation Day," hailed the moment as a "declaration of economic independence."
"For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike," Trump said at the ceremony attended by Vice President JD Vance, House Speaker Mike Johnson and other top White House officials. "But now it's our turn to prosper."
Trump's universal 10% tariffs will go into effect at 12:01 am EDT Saturday, and his reciprocal tariffs are set to begin April 9. Economists predict they will lead to higher prices on affected goods in the U.S. and abroad, with the EU and countries such as Mexico that expect to the be the hardest hit vowing to increase fees on American exports.
The markets were up slightly ahead of Trump's announcement, which hit immediately after trading hours came to a close, following a turbulent month in which stocks rose and fell in dramatic fashion as the Republican president and his administration openly discussed their potential plans.
Trump said the new tariffs are meant not only to offset tariffs imposed on U.S. exports but "non-trade barriers" that make it difficult for U.S. companies to sell products in countries. The president accused other nations of manipulating their currency, subsidizing their exports, stealing U.S. intellectual property and imposing exorbitant value-added taxes to hurt U.S. products.
"In many cases, the friend is worse than the foe in terms of trade," Trump said.
Senate Democratic Leader Chuck Schumer of New York said it's estimated that tariffs will cost American families an estimated $5,000 more in consumer goods.
"It's creating huge problems in the whole economy," he said. "So we're going to fight these tariffs tooth and nail. Trump's done a lot of bad things − this is way up there."
Trump to enact global tariffs plan, including additional tariff for 'worst offenders'
President Donald Trump plans to enact 10% tariffs on all countries' imports and reciprocal tariffs, and more for countries on "worst offenders" list.
Trump declared a national emergency on U.S. trade as grounds for the new 10% blanket tariff and the companion reciprocal tariffs.
Some of the reciprocal tariff rates include a 34% duty on goods from China, 20% on goods from the EU, 49% on imports on Cambodia and 37% on goods from Bangladesh.
"We import virtually all of our computers, phones, televisions and electronics. We used to dominate the field, and now we import it all from different countries," Trump said, adding that a single shipyard in China produces more ships every year than all U.S. shipyards combined.
"Chronic trade deficits are no longer merely an economic problem, they're a national emergency that threatens our security and our very way of life," Trump said.
The new tariffs are in addition to the the previous 25% duties Trump put on imports from Canada and Mexico. Trump imposed and later amended the tariffs to exclude automobiles and goods covered under a free trade agreement he negotiated with the countries during his first term. He also put a 10% tariff on Canadian energy and potash imports.
An earlier hike on China of 20% also remains in place, meaning goods from China will now be 54% more in expensive in total. Trump's prior tariffs on aluminum and steel, foreign cars and light trucks and some imported auto parts are also still in effect.
Trade barriers have traditionally been opposed by free-market conservatives, and Trump's sweeping announcement has made for strange bedfellows between the establishment and libertarian wings of his party and Democrats, who are working to rein in the president's ability to unilaterally impose tariffs. The U.S. Senate planned to hold a vote on Wednesday evening on a measure that aims to undo the national emergency that Trump used to impose tariffs on Canada.
Trump campaigned during the 2024 election on blanket tariffs of 10-20%. He has floated varying rates on individual nations and the EU since then, in addition to across-the-board tariffs on every nation with which the U.S. has a trade deficit.
Tariffs are taxes on imports that companies typically pass down to customers. Trump has argued steep tariffs are needed to combat the nation's growing trade deficit and boost U.S. domestic manufacturing that has depleted in recent decades.
"It will all happen very quickly," Trump said. "With today's action, we are finally going to be able to make America great again ‒ greater than ever before."
But many economists worry large-scale reciprocal tariffs ‒ which are expected to trigger retaliatory tariffs from U.S. trading partners ‒ could further hurt a weakening economy, send the stock market plummeting and lead to higher prices for consumers.
The U.S. had an overall trade deficit of $918.4 billion — an increase of $133.5 billion — in 2024 with foreign nations, according to the U.S. Census Bureau. It's largest deficits were with China, $295.4 billion; the EU $235.6 billion; Mexico, $171.8 billion and Vietnam, $123.5 billion. The U.S. had a trade deficit of $63.3 billion with Canada and a gap of $45.7 billion with India.
U.S. trading partners have already promised to respond forcefully to Trump's tariffs. The European Union has said it will introduce countermeasures in mid-April in response to the steel and aluminum tariffs. It set April 13 as a rough target date. Those tariffs are expected to hit cookware, gym equipment, boats, beef, eggs, bourbon and motorcycles among other U.S.-made imports.
EU Commission President Ursula von der Leyen said Tuesday that Europe still hopes to strike a deal with the Trump administration — but it was also looking to forge and expand trade deals with other nations.
"Europe holds a lot of cards, from trade to technology to the size of our market. But this strength is also built on our readiness to take firm counter measures if necessary," von der Leyen said in a speech to European Parliament members. "All instruments are on the table.
Mexican President Claudia Sheinbaum said Wednesday that her country was waiting to see what Trump unveiled and respond in kind with a "a comprehensive program, not a tit-for-tat on tariffs."
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Donald Trump to enact 10% global tariffs, including 25% on cars
President Donald Trump declared sweeping tariffs of 10% and more on imports from all countries despite warnings of a global trade war.
Francesca ChambersJoey Garrison
Trump announces 10% tariff on all imports, ratcheting up pressure in global trade war
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