China, which has long been the target of U.S. trade action, will face a 34% tariff, while the EU will see a 20% tax. Vietnam, another key player in the global trade landscape, will bear the heaviest burden and import it to the US 46% tariff.
Other affected countries include South Korea’s tariffs of 25%, Japan’s 24%, and Taiwan’s 32%. The UK will see a 10% tariff, while another major trading partner, Switzerland, will face a 34% tariff.
In addition, Cambodia will face a 49% tariff, one of the highest rates under the new policy. South Africa will impose a 30% tax, while Indonesia will face a 10% tariff on exports to the United States and Singapore.
The tariffs announced by Trump are aimed at promoting U.S. manufacturing and punishing trade imbalances in countries. Under the Fair and Reciprocity Plan, the United States will impose the same tariffs on U.S. goods as other countries have.
Trump announced at the Rose Garden’s “Make America Rich Again” event. On February 13, the 47th U.S. president outlined plans to review tariffs and trade policies from other countries’ exports to the U.S. Here is a timeline for key developments related to Trump’s tariff policy:
- February 1: Trump signed an execution order to impose a 25% tariff on all commodities in Mexico and Canada, and 10% of Canadian energy and Chinese commodities.
- February 3: A one-month delay in tariffs on Canada and Mexico was announced after stricter border security protocols.
- February 13: Trump announced that the “Fair and Reciprocity Plan” will take effect on April 2.
- March 4: Tariffs on Canadian and Mexican goods come into effect, and 10% tariffs are also imposed on Chinese imports.
- March 26: Trump announced 25% tariffs on foreign-made cars and auto parts.
- April 2: Reciprocal tariffs, including tariffs on automobiles, have come into effect.
- April 2: The Trump administration announced it would impose a 25% tariff on all beer imports and expand its aluminum tariffs to include beverages and empty aluminum cans.
