U.S. President Donald Trump unveiled a long-promised, sweeping set of baseline tariffs on all trading partners and what he described as "kind reciprocal" tariffs on nations he claimed were the worst offenders in trade relations with the U.S.
"My fellow Americans, this is Liberation Day," the U.S. leader said from the White House Rose Garden, claiming the action will free the U.S. from dependence on foreign goods.
"April 2, 2025, will forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed and the day that we began to make America wealthy again," Trump said.
The new measures - which Trump described as "historic" - include a minimum baseline tariff of 10% on all trading partners and further, more targeted punitive levies on certain countries, including China, the European Union and Taiwan.
"We will charge them approximately half of what they are and have been charging us," he said, adding, "because we are being very kind."
"This is not full reciprocal. This is kind reciprocal," Trump said.
Trump held up a chart with a list of nations and what the new U.S. tariffs against them will be. At the top was China, which Trump said was set to be hit with a 34% tariff rate. The new 34% tariff would be on top of a 20% U.S. tariff on China already in effect.
Close allies like Japan and the European Union were not spared, facing 24% and 20% tariff rates respectively. The base 10% tariffs go into effect on April 5 and the higher reciprocal rates on April 9.
In addition, similar measures will affect Vietnam (46%), India (26%), Indonesia (32%), Cambodia (49%), Malaysia (24%), South Korea (25%), Thailand (36%), Taiwan (32%), Switzerland (31%), South Korea (25%) and other countries.
Canada and Mexico, the two largest U.S. trading partners, already face 25% tariffs on many goods and will not face additional levies from the announcement.
A lot of nations, including Kyrgyzstan, Armenia, Azerbaijan, Uzbekistan, Tajikistan and Turkmenistan, will be subject to at least a 10% tariff going forward. Of the 180 countries that are now being hit with retaliatory tariffs, Russia isn't on the list.
