AUSTIN (KXAN) — President Trump announced sweeping new tariffs On Wednesday, imports were received from nearly every nation.
A " reciprocal" tariff of 10% will apply to most nations starting Saturday; however, the rate is increased for locations that Trump identifies as the worst violators regarding trade—this includes significant trading partners such as the European Union, China, and Japan.
"Our nation and its taxpayers have suffered injustice for over five decades, but such exploitation will no longer be tolerated," Trump stated during his address unveiling the tariffs on Wednesday.
A 10% baseline tariff will apply to 123 nations and regions, whereas an additional group of 60 will face higher rates. Tariffs reaching up to 30% will affect thirty-two trading partners, among which Lesotho and Saint Pierre and Miquelon stand out as they will incur the maximum rate of 50%.
Certain nations have been excluded from the latest tariff round, such as Canada and Mexico, who are already subject to 25% duties on the majority of their products. Trump announced last month .
Countries like Russia, North Korea, and Belarus, which are already under U.S. sanctions, will not be affected by these new tariffs. According to a White House official, the current sanctions have significantly reduced trade between the U.S. and those nations.
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