Vladislav Grigoriev23:15, 02.04.25

The new tariffs could be the biggest protectionist move in 90 years.

US President Donald Trump is announcing new tariffs against other countries, Bloomberg reports .

“In a few minutes, I will sign a historic executive order on reciprocal tariffs for countries around the world. Reciprocal. That means they do it to us, and we do it to them. Very simple. It doesn’t get any simpler than that,” Trump said.

The American leader also stated that tariffs would bring back the “golden age.”

“Jobs and factories will come back to our country, and you’re already seeing it happening. We will strengthen our domestic industrial base,” the US president stressed.

According to Trump, the corresponding tariffs will lead to “increased competition and lower prices for consumers” in the United States.

Trump recalled that at midnight Washington time, the United States will impose a 25% tariff on all foreign-made cars.

US reciprocal tariffs:

• China – 34%
• European Union – 20%
• Vietnam – 46%
• Taiwan – 32%
• Japan – 24%
• South Korea – 25%
• Thailand – 36%
• Switzerland – 31%
• Indonesia – 32%
• Malaysia – 24%
• Cambodia – 49%
• Great Britain – 10%
• South Africa – 30%
• Brazil – 10%
• Bangladesh -34%
• Singapore – 10%
• Israel – 17%
• Philippines – 17%
• Chile – 10%
• Pakistan – 29%
• Sri Lanka – 44%

In addition, Trump offered other countries a way to reduce tariffs to zero.

“If you want your tariff rate to be zero, then you manufacture your product right here in America,” the US president emphasized.

Trump’s trade war – other news

Earlier, Bloomberg wrote that US President Donald Trump’s new tariffs will turn the global economy upside down . It is noted that in the first three months of this year, US stocks showed their worst performance since 2023.

According to Bloomberg, under the maximum approach, average tariff rates in the US would increase to 28 percentage points, which would lead to a 4% decline in US GDP and an increase in prices of almost 2.5% over two to three years.

In addition, CNN reported that China, Japan and South Korea are preparing a response to Trump’s tariffs . The three countries held economic talks on March 31 for the first time in five years. The parties agreed to develop fair trade and strengthen economic ties.

(c)UNIAN 2025