Trump Imposes Wide-Ranging Tariffs Aiming to Transform U.S. Economy and Global Trade

President Trump, who has frequently lauded tariffs, describing them as beneficial for the U.S. economy and its citizens, has introduced what is projected to be a substantial increase in U.S. trade barriers. Speaking from the White House Rose Garden on Wednesday, he implemented his strategy amid global attention.

Trump announced the signing of an executive order to establish “reciprocal tariffs on countries throughout the world,” explaining the measure as a response to equivalent actions taken by other nations. These new tariffs will supplement existing ones, including those already targeting car, steel, and aluminum imports. He stated that the reciprocal tariffs would take effect the following day, Thursday.

The administration, according to Trump, intends to calculate the tariffs, non-monetary barriers, and other unfair practices imposed on U.S. imports by other countries, and then levy a tariff equal to half of that value. He clarified that the new tariffs would not be fully reciprocal. Referencing a chart, he indicated specific duties, such as 34% on goods from China, 20% on those from the European Union, 46% on Vietnamese goods, and 32% on Taiwanese goods.

In addition to these measures, a previously announced 25% tariff on all auto imports is scheduled for implementation on April 3. Furthermore, 20% tariffs have already been imposed on all imports from China, along with 25% duties on steel and aluminum. A prior delay on 25% tariffs on goods from Mexico and Canada, due to concerns about fentanyl trafficking, will now be lifted, with these tariffs taking effect on Wednesday and being applied in conjunction with the newly announced sweeping tariffs.

Trump has dubbed the day of the announcement “Liberation Day,” portraying it as a transformative moment for the American economy, and suggested that revenue generated from the new tariffs would facilitate tax reductions and contribute to reducing U.S. debt.

The recent tariff threats from the Trump administration have created uncertainty for American businesses, disrupting their supply chains. Stock market performance has declined, inflation expectations have risen, and investors are expressing concern.