US President Donald Trump has announced new tariffs, effective April 2. These tariffs will affect both the country’s closest allies, such as South Africa, and its adversaries, such as China. At an elaborate ceremony in the White House Rose Garden, Trump declared that the day would be remembered as the day American industry was reborn. He added that the duties would bring in trillions of dollars to reduce taxes and pay down the national debt.

Trump has proposed adding a 10% tariff on nearly all imported goods from all trading partners. Reciprocal tariffs would be imposed on imports from dozens of countries. For imports from the European Union, a new 20% tariff will be implemented. The rate varies for individual countries on the list: China 34%, Japan 24%, Vietnam 46%, South Korea 26%, Taiwan 32%. Goods from Switzerland will have an additional 32% tariff, Israel 17% and India 27%. Russia and Ukraine are not included on the reciprocal tariff list. Certain medical devices, semiconductors, pharmaceuticals and gold are also exempt from reciprocal customs duties at this time.

Both sets of tariffs will be implemented on top of the existing US tariffs on China and levies on steel, aluminum, and cars. American industry groups and economists have expressed concerns about the new tariffs, warning that they could lead to inflation, job loss, and potentially recession for the US economy. The new tariffs will likely impact American consumers as companies raise prices for imported goods, and could lead to a trade war with countries retaliating with their own duties on American goods. It remains to be seen what the full effects of these tariffs will be on the US and its trading partners.

Source: https://www.dw.com/en/will-trump-s-latest-tariffs-launch-a-global-trade-war/a-72122441?maca=en-rss-en-all-1573-rdf