Watch: Three things to know about the announcement of Trump’s prices
US President Donald Trump announced a new set of radical prices on Wednesday, arguing that they would allow the United States to flourish economically.
These new import taxes, which Trump has imposed by decree, should send economic shock to the world.
But the American president believes that they are necessary to resolve commercial imbalances and protect American jobs and manufacturing.
Here are the basic elements of the plan.
10% basic price
In a substantive call to Trump’s speech, a senior White House official told journalists that the president would impose a “basic” rate on all imports in the United States.
This rate is set at 10% and will come into force on April 5.
It is companies that bring foreign goods to the United States that must pay the tax to the government, although this can have training effects for consumers.
Some countries will only face the basic rate. These include:
United Kingdom, the Singonaporebrazilaugulianew zealandturkeyColombiaargentinael Salvadorunited Émiratessaudia Arabia
Personalized rates for “worst offenders”
White House officials also said they would impose what they describe as reciprocal prices specific to around 60 of the “worst offenders”.
These will come into force on April 9.
Trump officials claim that these countries charge higher prices on American products, impose “non -tariff” obstacles on American trade or have otherwise acted in a way that they feel American economic objectives.
The main business partners subject to these personalized rate rates include:
European Union: 20% China: 54% (which includes previous prices) Vietnam: 46% Thailand: 36% Japan: 24% Cambodia: 49% South Africa: 30% Taiwan: 32%
No additional prices on Canada and Mexico
The reference rate of 10% does not apply in Canada and Mexico, as they have already been targeted during the presidency of Trump.
The White House said that it would deal with the two countries using a framework set out in the previous decrees of Trump, which imposed prices on the two countries in the context of administration efforts to combat fentanyl in the United States and border issues.
Trump previously set these prices to 25% on all goods entering the two countries, before announcing certain exemptions and delays.
25% pricing on car imports
In addition, the president confirmed the start of a new “price of 25% on all Madelelities cars”.
This price entered into force almost immediately, at the local time at midnight.
