Trump: US imposes reciprocal tariffs on foreign trading partners

The U.S. imposes reciprocal tariffs on foreign trading partners. This was announced by the American President, speaking in the Rose Garden of the White House.

According to Trump, when calculating their tariffs, the U.S. authorities took half of each country's duty rate on American goods. Thus, 20% will be charged on goods from the EU, 34% - on goods from China. The basic tariffs for all countries will be 10%. In addition, Washington will impose 25% tariff on cars produced outside the country from April 3.

Donald Trump called his decision a declaration of American economic independence, adding that he would make America "great and rich" again.

Donald Trump, President of the USA:

"For decades, our country has been plundered, looted, raped and pillaged by countries near and far, friends and foes alike. American steelworkers, auto manufacturers, farmers and skilled craftsmen - many of them are here with us today. They have indeed suffered grievously. They watched in horror as foreign leaders stole our jobs, foreign crooks robbed our factories, and foreign vultures tore apart our once beautiful American dream. We had an American dream that is being talked about less and less often. We talked about it four years ago and we're talking about it now. And for years and even decades you were not reminded of it.Our taxpayers have been ripped off for more than 50 years, but it is not going to happen anymore," Trump said.

The highest tariffs are imposed on Cambodia, Vietnam and Sri Lanka. The lowest tariffs are imposed on Brazil, Singapore, Australia, Great Britain and several South American countries. According to the U.S. President, Washington will use trillions of dollars of proceeds from reciprocal tariffs to cut taxes and pay off the national debt. At the same time, economists warn that this will complicate life for everyone, including Americans, who will pay for the import tax imposed by Trump.

Paul Wiseman, analyst at The Associated Press:

"Experts are very skeptical. They believe that tariffs raise prices; they make the economy less efficient. The tariffs hurt companies, American factories that have to import equipment to produce their goods. As a result, their costs go up and they become less competitive in the global marketplace. Trade analysts are calling this a disaster for the U.S. economy."

Trump's decision to impose taxes on the entire world, including the European Union, is a "major blow to the world economy", European Commission chief Ursula von der Leyen has said in an urgent address. She expressed deep regret over the choice of the American President and warned of the consequences.

Ursula von der Leyen, European Commission chief:

"Uncertainty will spiral and trigger the rise of further protectionism, [and] the consequences will be dire for millions of people around the globe, also for the most vulnerable countries, which are now subject to some of the highest U.S. tariffs, the opposite of what we wanted to achieve. The tariffs will hurt consumers around the world. It will be felt immediately. Millions of citizens will face higher grocery bills. Drugs and transportation will become more expensive. Inflation will rise. All businesses, large and small, will suffer. The cost of doing business with the United States would skyrocket. More importantly, there seems to be no order in the disorder".

At the same time, Brussels is ready to respond. The European Commission is finalizing the first response package to the steel tariffs and is now preparing for further countermeasures if negotiations with the U.S. fail. The UK is also trying to negotiate with the U.S. - London said it would continue to work on a trade deal with Washington that would smooth out the effect of the restrictions. China's reaction followed - Beijing strongly condemned Trump's decision and promised to take countermeasures to protect its interests and rights. The South Korean authorities held an urgent meeting on the measures, and the Australian Prime Minister called Trump's duties absolutely "unjustified".

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