Trump imposes worldwide trade tariffs amid economic concerns

President Donald Trump has introduced sweeping new tariffs on imports from around the world that range from a 10% baseline tax on imports from all countries to major economies 34% on China and 20% from Europe.

The tariffs are part of Trump’s economic policy that seeks to bolster U.S. manufacturing, since, in his view, “our country has been looted, pillaged, raped and plundered” by other countries in the current international trade system.

As a result, he said, “American steel workers, auto workers, farmers and skilled craftsmen — we have a lot of them here with us today — they really suffered gravely.”

The new tariffs include a 24% levy on Japan, a close U.S. partner imports and 46% on goods from Vietnam, the Far East country that has built its economy with the help of exports to the United States.

In South Asia, Indian and Pakistani companies will have to pay 26% tariff and 29% tariffs on exports to the United States.

The baseline tariff announced on Wednesday is set to apply on imports from all countries on April 5 while those designed to be reciprocal on trading partners will implemented from April 9.

The new tariffs are likely to see an uptick in the trade wars with some major economies expressing concern on the future direction of the world economic growth.

Domestically, the U.S. consumers – long thought to be a key driver of the world economy – are likely to pay higher costs for on wide-ranging products of everyday use from groceries and clothes to autos and in investments in housing.

Trump justifies the “economic emergency” as the reason behind his tariff hike move with the pledge that his policies would lead to much greater investment inflows into the United States, kickstarting economic growth on a larger scale in areas like local manufacturing.

He says American taxpayers have been “ripped off for more than 50 years,” he said.

“But it is not going to happen anymore.”

“My fellow Americans, this is Liberation Day. April 2, 2025, will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed, and the day that we began to Make America Wealthy Again,” the U.S. President said.

U.S. officials say the country faces more than a trillion dollars in trade deficit due to unfair tariffs that have been in effect for decades.

On Thursday, the stock markets reacted negatively to the newly announced tariffs with Dow Jones plunging 1200 points in the morning.

China sees the latest U.S. import charges as “protectionism” and says the trade and tariff wars will serve no country.