In his tariffs announcement, President Trump broke down what each nation would get tariffed.
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NewsTranscript
00:00Anybody else?
00:01This group over there, they got it, too.
00:02And, you know, we won the state of Michigan.
00:06We won almost all of them.
00:08But we won Michigan by a lot.
00:10And I want to just thank you all.
00:12The autoworkers were fantastic.
00:13The Teamsters were fantastic.
00:16Everyone was pretty good, I will tell you.
00:19Thank you very much.
00:20I appreciate it.
00:21You're going to be very happy very soon.
00:23And you probably see what's happening with all
00:25of the not only car companies, but car
00:28companies in particular.
00:29You see it with all of the ones.
00:32They're moving.
00:33They're announcing day in, day out.
00:35You're seeing it.
00:36Nobody has ever seen anything like that.
00:38With today's actions, we're also standing up
00:40for our great farmers and ranchers who are
00:43brutalized by nations all over the world.
00:45It's brutalized.
00:46Canada, by the way, imposes a 250 to 300
00:53percent tariff on many of our dairy products.
00:56They do the first can of milk.
01:00They do the first little carton of milk at a very
01:02low price.
01:03But after that, it gets bad, and then it gets up
01:05to 275, 300 percent.
01:08So when they're figuring what's Canada charging,
01:10they say, oh, about 2 percent, 3 percent.
01:13But take a look at what happens down the road.
01:15When you look a little bit, it's not a pretty
01:18picture, and we don't like it, and it's not fair.
01:20It's not fair to our farmers.
01:21It's not fair to our country.
01:23And with countries like Canada, you know, we
01:26subsidize a lot of countries and keep them
01:29going and keep them in business.
01:31In the case of Mexico, it's $300 billion a year.
01:35In the case of Canada, it's close to $200 billion
01:38a year.
01:39And I say, why are we doing this?
01:41Why are we doing this?
01:42I mean, at what point do we say you got to work for
01:45yourselves and you got to — this is why we have
01:48the big deficits.
01:49This is why we have that amount of debt that's been
01:52placed on our heads over the last number of years.
01:56And we're really not taking it anymore.
01:58Through non-tariff barriers, the European
02:00Union bans imports of most American poultry.
02:03You understand?
02:04They say, we want to send you our cars, we want to
02:07send you everything, but we're not going to take
02:09anything that you have.
02:11Australia bans — and they're wonderful people
02:14and wonderful everything, but they ban American beef.
02:18Yet we imported $3 billion of Australian beef from
02:22them just last year alone.
02:24They won't take any of our beef.
02:25They don't want it because they don't want it to
02:27affect their farmers.
02:28And you know what?
02:29I don't blame them, but we're doing the same thing
02:31right now, starting about midnight tonight, I would say.
02:35And China charges American rice farmers an over
02:42quota, it's called — a tariff rate of 65 percent.
02:45South Korea charges 50 — actually, they charge
02:49different, from 50 percent to 513 percent.
02:53And Japan, our friend, charges a 700 percent.
02:57But that's because they don't want us selling rice
02:59and other things.
03:00Who can blame them, Madam Secretary?
03:03Agriculture, great job you did on eggs, by the way.
03:06The egg prices came down 50 percent.
03:08You got them down 50 percent.
03:10Once we got involved, they were going through the sky.
03:13The egg prices, they were going through the sky.
03:16And you did a fantastic job.
03:18Now we have lots of eggs, and they're much cheaper
03:20down — about 59 percent now, and they're going
03:23down further.
03:25We charge 2.8 percent for so many things that other
03:29countries are charging 200 percent, 300 percent,
03:33and 400 percent for.
03:35If imposing tariffs and protective barriers made
03:39nations poor, then every country on Earth would be
03:41racing to eliminate these policies, and China would
03:44be the first in line.
03:46And they run a very strong country, but they're not
03:51first in line, and the American people are paying
03:53a very big price.
03:55From 1789 to 1913, we were a tariff-backed nation,
04:02and the United States was proportionately the
04:04wealthiest it has ever been — so wealthy, in fact,
04:07that in the 1880s, they established a commission
04:11to decide what they were going to do with the vast
04:14sums of money they were collecting.
04:15We were collecting so much money so fast, we didn't
04:18know what to do with it.
04:19Isn't that a nice problem to have?
04:21What do you think, Marco?
04:22A good problem?
04:23Marco would love that problem.
04:26But we don't have that problem anymore, but we're
04:29not going to have it very much longer, I will tell you.
04:31But they collected so much money, they actually
04:34formed a commission to determine what they were
04:36going to do with the money, who they were going to
04:38give it to, and how much.
04:39Then, in 1913, for reasons unknown to mankind, they
04:44established the income tax so that citizens, rather
04:47than foreign countries, would start paying the
04:49money necessary to run our government.
04:52Then, in 1929, it all came to a very abrupt end with
04:56the Great Depression, and it would have never
04:58happened if they had stayed with the tariff policy.
05:01It would have been a much different story.
05:03They tried to bring back tariffs to save our
05:07country, but it was gone.
05:08It was gone.
05:09It was too late.
05:10Nothing could have been done.
05:12It took years and years to get out of that
05:14depression, far longer than even FDR had that
05:18office right over there for a long period of time.
05:21The ramp system, it's rather intricate, was
05:23built because of him.
05:25And every time you walk up, you think of him.
05:27And he did a great job in many ways, but it lasted
05:31long beyond his terms, as you know.
05:33But it's not too late any longer, and we're going to
05:37start being smart and we're going to start being
05:40very wealthy again.
05:41We're going to be wealthy as a country because
05:43they've taken so much of our wealth away from us.
05:46We're not going to let that happen.
05:48We truly can be very wealthy.
05:49We can be so much wealthier than any
05:51country, it's not even believable.
05:53But we're getting smart.
05:54Nearly a century later, in the face of unrelenting
05:57economic warfare, the United States can no
06:00longer continue with a policy of unilateral
06:03economic surrender.
06:04We cannot pay the deficits of Canada, Mexico, and so
06:08many other countries.
06:09We used to do it.
06:10We can't do it anymore.
06:11We take care of countries all over the world.
06:13We pay for their military.
06:15We pay for everything they have to pay.
06:17And then, when you want to cut back a little bit,
06:20they get upset that you're not taking care of them
06:22any longer.
06:22But we have to take care of our people, and we're
06:25going to take care of our people first.
06:26And I'm sorry to say that.
06:27And today, we're standing up for the American worker,
06:35and we are finally putting America first.
06:40In sleepy Joe Biden's last year in office, the
06:47United States hemorrhaged 100,000 manufacturing
06:51jobs, and the number was going through the roof at
06:54levels never seen before.
06:57And our trade deficit reached a record $1.2
07:01trillion, which is unheard of.
07:04Since the beginning of NAFTA, the worst trade
07:06deal ever made.
07:07It was a horror show.
07:09I was able to terminate it.
07:10They all said, You'd never be able to get it out.
07:12We had to get approval from Congress to get it
07:15terminated.
07:16We had to live with that deal.
07:17It was the worst deal, worst trade deal ever made
07:20by far.
07:21But since the very beginning of NAFTA, our
07:23country lost 90,000 factories.
07:27Think of what that is.
07:28Ninety thousand.
07:29Think about putting a map up and putting tax on it.
07:32You wouldn't have enough room.
07:34Ninety thousand.
07:35I said, Is that possible?
07:36We had it checked four different times, and it was
07:38actually somewhat higher than that.
07:40And five million manufacturing jobs were
07:43lost while racking up trade deficits of $19
07:47trillion.
07:48That was the worst trade deal ever made.
07:52As a result of these gigantic losses, foreign
07:54nations now own $26 trillion more of American
07:58assets than American.
08:00Think of this than the Americans own of their own
08:03foreign assets or other foreign assets.
08:06The United States can no longer produce enough
08:09antibiotics to treat our sick.
08:12We have a tremendous problem.
08:13We have to go to foreign countries to treat our
08:15sick.
08:16If anything ever happened from a war standpoint, we
08:18wouldn't be able to do it.
08:20We import virtually all of our computers, phones,
08:23televisions, and electronics.
08:25We used to dominate the field, and now we import
08:28it all from different countries.
08:30A single shipyard in China now produces more ships
08:33every year than all of the American shipyards
08:37combined.
08:37Think of that.
08:38And it was a business that we used to dominate.
08:41We used to dominate it totally.
08:43In short, chronic trade deficits are no longer
08:45merely an economic problem.
08:47They're a national emergency that threatens
08:50our security and our very way of life.
08:52It's a very great threat to our country.
08:55And for these reasons, starting tomorrow, the
08:57United States will implement reciprocal
08:59tariffs on other nations.
09:02It's been a long time since we even thought of
09:05that.
09:06We used to think about it a lot.
09:07We didn't think about it for many decades.
09:10And you see what's happened.
09:12For nations that treat us badly, we will calculate
09:15the combined rate of all their tariffs, non-monetary
09:18barriers, and other forms of cheating.
09:21And because we are being very kind — we're kind
09:24people.
09:25Very kind.
09:27You're not so kind when you get ripped off when
09:29you're ripped off by your salary.
09:30It's my autoworker friends and my teamster friends
09:33and all of the unions that typically voted Democrat.
09:37They're not voting Democrat anymore because
09:39worker — whether union or non-worker — they're for
09:42the Republicans now.
09:43That's what happened.
09:44But we will charge them approximately half of what
09:48they are and have been charging us.
09:50So, the tariffs will be not a full reciprocal.
09:56I could've done that, I guess.
09:58But it would've been tough for a lot of countries.
10:00We didn't want to do that.
10:01I'd like to see the chart, if you have it.
10:03Could you bring it up, Howard?
10:06This is our great Secretary of Commerce, Howard
10:10Lutnick.
10:11Thanks, Howard.
10:11So, if you look at that, China — first row.
10:18China, 67 percent.
10:20That's tariffs charged to the USA, including
10:25currency manipulation and trade barriers.
10:27So, 67 percent.
10:29I think you can, for the most part, see it.
10:31Those with good eyes, with bad eyes.
10:33We didn't want to bring — it's very windy out here.
10:35We didn't want to bring out the big charts because
10:37it had no chance of standing.
10:40Fortunately, we came armed with a little smaller
10:42chart.
10:44So, 67 percent.
10:45So, we're going to be charging a discounted
10:48reciprocal tariff of 34 percent.
10:50I think — in other words, they charge us, we charge
10:53them, we charge them less.
10:54So, how can anybody be upset?
10:56They will be because we never charge anybody
10:58anything, but now we're going to charge.
11:01European Union — they're very tough.
11:03Very, very tough traders.
11:05You know, you think of European Union — very
11:09friendly.
11:09They rip us off.
11:10It's so sad to see.
11:12It's so pathetic.
11:14Thirty-nine percent.
11:15We're going to charge them 20 percent.
11:17So, we're charging them essentially half.
11:19Vietnam — great negotiators, great people.
11:23They like me, I like them.
11:24The problem is they charge us 90 percent.
11:26We're going to charge them 46 percent tariff.
11:30Taiwan, where they make — they took all of our
11:33computer chips and semiconductors.
11:35We used to be the king, right?
11:37We were everything.
11:38We had all of it.
11:40Now we have almost none of it, except the biggest
11:42company is coming in.
11:43They're going to have — we're going to end up
11:44with almost 40 percent.
11:45Lee Zeldin is working to get their approvals.
11:48And it's an amazing company.
11:50Mr. Wei of one of the great companies of the
11:53world, actually.
11:53They're coming in from Taiwan, and they're going
11:55to build one of the biggest plants in the world.
11:58Maybe the biggest for that.
11:59But 64 percent.
12:01We're going to charge them 32 percent.
12:02Japan — very, very tough.
12:06Great people.
12:07And again, I don't blame the people for doing it.
12:10It's — I think they're very smart in doing it.
12:11I blame the people that sat right in that Oval
12:13Office, right over there, right behind the Resolute
12:16Desk or whichever desk they chose.
12:18Japan, 46 percent.
12:21They would charge us 46 percent.
12:23And much higher for certain items, like cars.
12:26You know, little items like cars.
12:28Forty-six percent.
12:29We're charging them 24 percent.
12:31India, very, very tough.
12:33Very, very tough.
12:35The Prime Minister just left, and he's a great
12:38friend of mine.
12:38But I said, You're a friend of mine, but you're
12:41not treating us right.
12:42They charged us 52 percent.
12:44You have to understand, we charge them almost
12:46nothing, for years and years and decades.
12:48And it was only seven years ago, when I came in,
12:53we started with China and charged them.
12:55We took in hundreds of billions of dollars from
12:58China in tariffs.
13:00And they understood, honestly.
13:03President Xi understood.
13:04He said, Look, I understand.
13:05And the other countries — and they all understand.
13:08We're going to have to go through a little tough
13:09love, maybe, but they all understand.
13:11They're ripping us off, and they understood it.
13:14Prime Minister of Japan, Shinzo, was Shinzo Abe.
13:21He was a fantastic man.
13:22He was, unfortunately, taken from us.
13:25Assassination.
13:27But I went to him and I said, Shinzo, we have to
13:30do something.
13:30A trade is not fair.
13:33He said, I know that.
13:34I know that.
13:35And he was a great gentleman.
13:36He was a fantastic man.
13:40But he understood immediately what I was
13:42talking about.
13:43I said, Shinzo, we have to do something.
13:44He said, I know that.
13:46And we worked out a deal.
13:48And it would have been a much better deal.
13:49But, frankly, there were many years left on the
13:52deal that was made previous to my getting there.
13:54But it was — it was something.
13:57If you look at Switzerland, 61 percent to 31 percent.
14:00Indonesia, Malaysia, Cambodia — oh, look at
14:03Cambodia — 97 percent.
14:06We're going to bring it down to 49.
14:08They made a fortune with the United States of
14:10America.
14:11United Kingdom, 10 percent.
14:13And we'll go 10 percent.
14:15So we'll do the same thing.
14:17South Africa — oh, 60 percent, 30 percent.
14:21And they've got some bad things going on in South
14:24Africa.
14:24You know, we're paying them billions of dollars,
14:27and we cut the funding because a lot of bad
14:29things are happening in South Africa.
14:31The fake news ought to be looking at it.
14:32They don't want to report it.
14:34Brazil, 10 percent, 10 percent.
14:36Bangladesh is 74 percent.
14:40So you see what's going on.
14:42Pakistan, 58 percent.
14:45Sri Lanka, 88 percent.
14:48So what we're doing is we're taking not the full
14:51— we could take the full 88 percent.
14:53Thanks a lot.
14:53He's doing a very good job.
14:55How is he doing?
14:55Huh?
14:56I think you better take it with you.
14:58It's not going to last very long.
15:01He's going to put it — it's going to follow you
15:02down with the wind.
15:04I brought a hat just in case it got too windy.
15:06But here's — would anybody like a hat?
15:10I'm giving — I'm not giving it to a cabinet.
15:12I'm giving it to the autoworkers.
15:13Come here.
15:14Thank you, fellas.
15:20Get it.
15:20That's it.
15:22That's it.
15:22They deserve it more than our cabinet.
15:29Our cabinet has plenty of hats.
15:31But you see the — you see the numbers.
15:33The numbers are so disproportionate.
15:34They're so unfair.
15:36At the same time, we will establish a minimum
15:38baseline tariff of 10 percent.
15:41You notice that on the chart.
15:42And that'll be on other countries to help rebuild
15:46our economy and to prevent cheating.
15:48So we're going to have a minimum of cheating,
15:50and we're going to be very severe on the people
15:52that — at the gate that watch the tariffs and
15:55watch the product coming in, because there's been
15:57a lot of — a lot of bad things happening at the
16:00gate because the money is so enormous that you're
16:02talking about.
16:03There's never been probably anything like
16:05it in terms of the enormity.
16:08And there are a lot of bad things happening at the
16:10people that do the check-in.
16:12They're looking at 10-year jail sentences if they
16:14do play.
16:15We're going to treat them so good, but if they
16:16cheat, the repercussions are going to be extremely
16:20strong.