Thu, 03 Apr 2025

Thu, 03 Apr 2025 Trump to charge high tariffs on 'worst offenders' globally

The president says the US has been "pillaged, raped and plundered" for years by international trade partners.

* President Trump has announced a new baseline tariff of 10% on all US imports, with higher rates for certain countries
* Items from around 60 trade partners will face higher rates, including the European Union and China
* Analysts predict that this will lead to higher prices for Americans, slower growth in the US, and potentially recession in other countries
* The new tariffs could raise $2.2tn of revenue by 2034
* Countries such as the UK, EU, and Japan will face tariffs ranging from 10% to 26%
* China's commerce ministry has said it "firmly" opposes the new tariffs and will take countermeasures
* European Commission head Ursula von der Leyen has also threatened to take further steps against the US
* The new duties will affect trillions of dollars in trade, likely leading to higher prices on clothing, wine, bicycles, toys, and other items
* The move has been met with skepticism by investors, with shares opening lower in Asia-Pacific markets.
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