President Donald Trump announced Wednesday the U.S. would impose “reciprocal tariffs” on its trade partners based on calculations of the total cost of protective barriers and taxes they charge the U.S.—hitting China with an additional 34% tax on top of the 20% levy already imposed.
Read the full story on Forbes: https://www.forbes.com/sites/saradorn/2025/04/02/trump-announces-reciprocal-tariff-rates-54-for-china-20-on-eu-live-updates/
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Read the full story on Forbes: https://www.forbes.com/sites/saradorn/2025/04/02/trump-announces-reciprocal-tariff-rates-54-for-china-20-on-eu-live-updates/
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NewsTranscript
00:00President Donald Trump announced Wednesday that the U.S. would impose quote-unquote
00:04reciprocal tariffs on U.S. trade partners based on the total cost of protective barriers
00:09and taxes they charge the U.S.
00:11The most sweeping tariff package of his second term that had businesses and global leaders
00:16on high alert as details of the plan were largely unclear headed into the announcement.
00:21Trump, in a highly anticipated Rose Garden address titled Make America Wealthy Again,
00:27said he would sign an order that would impose quote reciprocal tariffs.
00:32That means they do it to us and we do it to them.
00:36The rates will be quote-unquote discounted, Trump said, holding a chart that shows the
00:41total tax each country imposes on the U.S. alongside the tariff rate.
00:47The tariff rate for China will be 34 percent, for example, with the European Union at 20
00:52percent and Vietnam at 46 percent.
00:56Trump spent the first 20 minutes of the address riffing about tariffs and other protective
01:00barriers U.S. trade partners impose.
01:04The president also confirmed a 25 percent tariff on all imported autos would take effect
01:09at midnight.
01:11The tariffs would take effect immediately, White House press secretary Caroline Leavitt
01:16told reporters on Tuesday.
01:18A 25 percent tariff on imported car parts is scheduled for no later than May 3.
01:25Trump has already imposed a 25 percent tariff on all products from Canada and Mexico not
01:30subject to the U.S.-Mexico-Canada trade agreement, a 10 percent additional tariff on Chinese
01:36imports, and a 25 percent tariff on all steel and aluminum imports.
01:42For more on this story, check out Sarah Dorn's article on Forbes.com.
01:55Thanks for watching.
01:56See you next time.