US President Donald Trump has announced a new set of sweeping tariffs on various countries, including China, the European Union, and several others. The move is expected to send economic shockwaves around the world.
The 10% baseline tariff will apply to imports from most countries, effective April 5. However, some countries will only face this rate, while others will be subject to higher tariffs ranging from 20% to 54%.
The US president has also imposed a 25% tariff on foreign-made automobiles, which went into effect immediately.
Trump believes these measures are necessary to address trading imbalances and protect American jobs and manufacturing. However, some countries have expressed concerns about the impact of these tariffs on their economies.
Key affected countries include China, the European Union, Vietnam, Thailand, Japan, Cambodia, South Africa, and Taiwan. The US has also maintained 25% tariffs on car imports from Canada and Mexico, which were previously targeted as part of a separate effort to address border issues.
Source: https://www.bbc.com/news/articles/c1jxrnl9xe2o