Unlocked by Trump: 20% duties in the EU and 10% in the UK
The US president announces duties on US product imports to what he calls « a day of liberation ». Donald Trump has argued that this step is necessary to raise money and encourage domestic production. However, it causes shocks in the world economy.
Duties are border taxes imposed on the import of goods from foreign countries. The importers pay them upon entering the customs service of the country or the block that imposes them.
He started the event by saying that he would sign an executive decree and that « April 2nd 2025 will remain in history forever as the day the American industry was reborn ». During an event, it announced that the United States will impose 20% duties on the European Union and 10% in the United Kingdom.
Subsequently for imports from the following countries: China (34%), India (26%), South Korea (25%), Japan (24%), United Kingdom (10%), Vietnam (46%), Switzerland (31%), Cambodia (49%), South Africa (30%) (10%). For imports from Taiwan, duties will be 32%.
Concerning the automotive industry, President Trump announced the imposition of 25% on all imported cars and spare parts.
https://www.youtube.com/watch?v=rosp7_Oiyds
The Declaration of our « Economic Independence »
« It is the proclamation of our financial independence, » said Trump of the White House garden. « For years, hard working American citizens were forced to sit on the sidelines, as other nations became rich and powerful, to a large extent to us. But now it’s our turn to prosper. «
Trump emphasized in his speech. These moves will boost the US economy, even when many experts are worried that they could lead to higher prices for most US consumers. « The US has been exploited and looted by strangers, our taxpayers have been dissolved for more than 50 years, but this is not going to happen again, » he added.
Target of duties
The aim of this policy is to restore US productive power and trade balance. But at the same time it escalates an emerging world trade war that will raise prices for US consumers at a time for the economy that is not characterized by prosperity.
There is a prediction for even tougher hit, with new duties, if other countries are retaliation, BBC’s financial analyst, Faisal Islam, reports.
The US president completed his speech and sat in an office to sign the relevant executive decrees with the exhortation « to re -do America rich ».
