Trump Announces Worldwide Tariffs at 10%, Dozens of Countries Will Pay More in Reciprocal Fees

President Donald Trump announced on Wednesday a 10% minimum tax on imports from all nations, along with increased tariff rates for several countries that have tariffs on US goods.

Speaking at an event in the Rose Garden, Trump presented charts illustrating the tariff rates that the U.S. would impose on various countries, determined by the tariffs those nations currently place on American goods.

The displayed figures indicated that imports from China would face a 34% tax, while the European Union would see a 20% tariff. Imports from South Korea would be taxed at 25%, Japan at 24%, and Taiwan at 32%, among other examples.

Among the highest tariff rates, a 49% tax will be imposed on all goods imported from Cambodia.

Trump stated: “our country has been looted, pillaged…plundered” by other nations.

To implement the tariffs, the President declared a national economic emergency, predicting that they would generate hundreds of billions of dollars in revenue annually. He assured that these measures would bring manufacturing jobs back to the United States. However, the policy carries the risk of an abrupt economic slowdown, as consumers and businesses may buy less if prices rise.

Before the announcement, the European Union, Mexico, Canada, China, Japan, and South Korea all vowed to retaliate against Trump’s tariffs.