Natalie Sherman
BBC News, New York
Watch: Key moments in the announcement of Trump’s “Liberation Day” prices
President Donald Trump has unveiled new taxes on imports on all goods entering the United States, at a time from the world trade basin.
The plan establishes a reference rate on all imports of at least 10%, in accordance with a proposal that Trump made on the campaign last year.
Articles from countries that the White House described as “worst offenders”, including the European Union and China, would face higher rates for what Trump said they are reimbursement for unfair commercial policies.
Trump’s movement is breaking with decades of American policy embracing free trade, and analysts have said that it would likely lead to higher prices in the United States and slower growth in the United States and worldwide.
The White House said that officials are starting to invoice the 10% prices on April 5, higher tasks from April 9.
“This is our declaration of economic independence,” said Trump in the Rose Garden of the White House in a context of American flags.
He argued that other countries were taking advantage of the United States by invoicing high prices and erecting other commercial barriers against American exports.
Declaring a national emergency, the republican president said that the United States had been “looted, pounded, raped and looted since more and far, both friends and enemies”.
“Today, we defend the American worker and we finally put America first,” he said, calling him “one of the most important days, in my opinion, in American history”.
On the campaign path last year, Trump called for new prices which, according to him, would collect funds for the government and stimulate manufacturing, promising a new era of American prosperity.
He spent weeks previewing Wednesday’s announcement, which follows other orders increasing prices on imports from China, foreign cars, steel and aluminum and 25% on certain goods in Mexico and Canada.
The White House said the latest changes would not change anything for Mexico and Canada, two of the nearest American business partners.
Other allies will also face prices, including 10% for the United Kingdom and 20% for the European Union, said Trump.
The prices on goods from China will increase 34% additional, adding to an existing 20% tax, while it will be 24% for Japan and 26% on India.
Some of the highest rates will be taken from small countries, with goods from the southern African Nation of Lesotho confronted at 50%, while Vietnam and Cambodia will be affected respectively with 46%and 49%.
The last two have both experienced an investment rush in recent years, while companies have moved away from China’s supply chains after Trump’s first term.
The basic prices will apply to more than 100 countries, according to an information sheet from the White House, of which around sixty will face a higher “reciprocal” rate.
The White House said that the new policy would explain the factors which, according to them, have also fueled commercial imbalances, such as the devaluation of the currency of other countries and the high added value (VAT).
Trump also confirmed that a 25% tax on imports of all cars made abroad, which he announced last week, would start from midnight.
And he signed an order putting an end to the treatments in tax franchise for small packages, while repeating plans to strike specific articles which were exempt from Wednesday’s action, such as copper and pharmaceutical products, with distinct rates.
Together, the movements will bring effective rate rates in the United States to unbek-observed levels, potentially preparing the way for Americans faced at higher prices on clothing, European wine, bikes, toys and thousands of other articles.
Gustavo Flores-Macias, professor of government and public policy at Cornell University, described it as “dramatic transformation” of the international order of trade, which the United States had helped to create after the Second World War.
“We see this system collapse,” he said.
The stock market was closed for exchanges when Trump made its announcement.
But in negotiation actions after the market for large American companies have sank strongly.
Apple, which is based strongly on China and Taiwan, which faces 32%tariffs, flows more than 7%.
Amazon fell by more than 6%, while Walmart actions fell by more than 4%.
