AUSTIN (KXAN) — President Trump announced sweeping new tariffs On imports from nearly every nation on Wednesday.
A "reciprocal" tariff of 10% will be applied to most nations starting this Saturday; however, the rates are 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 affect 123 nations and regions, whereas an additional group of 60 entities will face higher rates. Tariffs reaching up to 30% will apply to thirty-two trade partners, among which Lesotho and Saint Pierre and Miquelon stand out as they must cope with 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 source, current sanction measures imply minimal trading activity between the U.S. and those nations anyway.
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