President Donald Trump has announced a series of new tariffs targeting key U.S. trading partners, including China, Japan, the European Union, and Vietnam.
These measures are part of his "Liberation Day" initiative, aimed at addressing trade imbalances and promoting domestic manufacturing.
These tariffs are expected to significantly impact various industries and may lead to increased costs for American consumers. International responses have varied, with some countries seeking negotiations to mitigate impacts, while others are preparing countermeasures or support for affected industries.
For example, the U.S. will charge China a 34% tariff based on what the Trump administration calculated as a 67% total rate the country imposes on the U.S. Meanwhile, Japan will be charged 24%, the EU will be charged 20% and Vietnam will be charged 46%.
Pharmaceuticals and semiconductors, among other goods, do not appear to be subject to the new duties, based on exemptions listed in Trump’s executive order. Trump has previously indicated the drug industry will face tariffs, however, and other levies could be applied in the future, analysts said.
