US stock futures fell sharply following the announcement, following weeks of volatile trading as investors worried that the upcoming tariffs could weaken the global economy and spark inflation. US stocks have lost nearly $5 trillion in value since February.
US President Donald Trump signs new tariffs in front of the press and public on the White House grounds. Photo: White House
Imports from China will be taxed at 34%, on top of the 20% he had already imposed, bringing the total new tariffs to 54%. Close US allies will not be spared either, including the European Union, which faces a 20% tariff, and Japan, which is targeted with a 24% tariff.
A White House official, speaking on condition of anonymity, said the higher tariffs would take effect on April 9 and would apply to about 60 countries overall. The base tariff of 10% would take effect on Saturday, the official said.
A detailed list of tax rates that countries must pay when exporting to the US. According to the list, Vietnam must pay a tax rate of up to 90%. Photo: White House
Mr Trump said the “proportionate” tariffs were a response to tariffs and other non-tariff barriers imposed on US goods. He argued that the new tariffs would boost domestic manufacturing jobs.
“For many decades, our country has been plundered, pillaged, raped and pillaged by nations near and far, friend and foe alike,” Trump said at a White House event.
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Video of Mr. Trump signing new US tariff decrees. (source: X/White House)
Outside economists have warned that tariffs could slow the global economy, increase the risk of recession and raise the cost of living for the average U.S. family by thousands of dollars.
Canada and Mexico, the United States' two largest trading partners, are currently facing 25% tariffs on many goods and will not be subject to any further tariffs as of Wednesday's announcement.
According to a White House fact sheet, the symmetric tariffs do not apply to certain items, including copper, pharmaceuticals, semiconductors, lumber, gold, energy and “certain minerals not available in the United States.”
Following his remarks, Mr. Trump signed an order aimed at closing a trade loophole used to ship low-value packages. The order applies to goods from China and Hong Kong and will take effect on May 2, according to the White House.
Tariff concerns have slowed manufacturing globally, while boosting sales of cars and other imported products as consumers rush to buy before prices rise.
Hoang Huy (according to WH, Reuters, CBS)
Source: https://www.congluan.vn/danh-sach-sieu-thue-quan-ma-my-vua-ap-dat-doi-voi-toan-the-gioi-post341204.html
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