The U.S. will implement a universal baseline tariff of 10%, effective April 5, and increased tariff rates on various countries, President Donald Trump announced at the White House Wednesday.
The president said that certain trading partners such as China, Japan and the European Union will be subject to higher duties than the baseline rate, effective April 9. Those countries will face levies equal to half of a calculated total of trade barriers, including tariffs and value-added taxes, Trump said is imposed on the U.S. by each trading partner.
For example, the U.S. will charge China a 34% tariff based on a calculated 67% charge the country has placed on the U.S. through tariffs and other trade actions. Meanwhile, Japan will be charged 24%, the EU will be charged 20% and Vietnam will be charged 46%.
