Trump has flagged these import tariffs against all countries that have, what he sees as, trade barriers against the USA. They will be added on top of the tariffs already introduced and announced since Trump's inauguration as president in January.
The President has also previously flagged that car tariffs of 25 percent will be introduced on Thursday and tariffs on car parts will be introduced on May 3.
Taxpayers have been deceived for over 50 years. But now it's over, says Trump at the press conference at the White House.
The USA will introduce sweeping retaliatory tariffs of at least 10 percent on a large number of countries around the world. But major trading partners like the EU and China will be hit harder.
To Strengthen USA Production
Trump read out the different percentage rates from a placard at the press conference. In addition to 20-percent tariffs on all goods from the EU, Trump highlighted tariffs of 24 percent on Japan, 26 percent on India, 32 percent on Taiwan, and 34 percent on China.
The UK is among the countries that will be hit with 10 percent, while Norway will get 15 percent.
The 10-percent tariffs will come into effect on April 5, and the others on April 9, according to the White House.
These new tariffs will not be added on top of the previously announced 25-percent tariffs on vehicles, steel, and aluminum.
Trump hopes to secure the USA's domestic production with the help of tariffs, but many economists warn that they will create reduced GDP growth and higher inflation.
Jobs and factories will flow into our country, and we're already seeing it, says Trump.
If you want your tariff to be zero, then build your car in the USA.
The President has dubbed Wednesday "Liberation Day". He says the day will be "forever remembered as the day when America's industry was reborn, the day when America's fate was reclaimed".
EU to Respond
The New York Stock Exchange reacted negatively to Trump's announcement. Ahead of the exchange's opening on Thursday, the three major indexes were down 0.5-2 percent.
Yields on American government bonds, regardless of maturity, fell after Trump's announcement. The dollar strengthened slightly against the krona, and gold prices rose.
Other countries and the EU have threatened to respond with their own tariffs. The uncertainty has had a significant negative impact on global stock markets ahead of a possible global trade war.
The new tariffs will, according to the Trump administration's earlier statement, come into effect immediately.
At the same time, Finance Minister Scott Bessent said earlier on Wednesday that the published tariffs will constitute a ceiling, a highest possible level – which gives other countries the opportunity to take steps to lower the level.
Here are some of the countries against which the USA is introducing reciprocal retaliatory tariffs.
Cambodia: 49 (percent)
Vietnam: 46
Sri Lanka: 44
Bangladesh: 37
Thailand: 36
China: 34
Taiwan: 32
Indonesia: 32
Switzerland: 31
South Africa: 30
Pakistan: 29
India: 26
South Korea: 25
Malaysia: 24
Japan: 24
EU: 20
Israel: 17
Philippines: 17
UK: 10
Australia: 10
