Higher tariff rates will also apply on dozens of nations that run trade surpluses with the United States. The president held up a chart while speaking at the White House, showing the U.S. would charge a 34% tax on imports from China, a 20% tax on imports from the European Union, and 32% on Taiwan.
Trump’s latest move brings the U.S. closer to a global trade war, including with some of its biggest trading partners like the European Union.
European Commission President Ursula von der Leyen reacted on Thursday from Uzbekistan, where she is attending the first ever EU-Central Asia summit.
“I’m ready to support any efforts to make the global trading system fit for the realities of the global economy. But I also want to be clear: reaching for tariffs as your first and last tool will not fix it”, she said in a speech. “We are already finalizing the first package of countermeasures in response to tariffs on steel, and we are now preparing for further countermeasures to protect our interests and our businesses if negotiations fail.”
On the other side of the Atlantic ocean, Canadian prime minister Mark Carney vowed to counter Trump’s tariffs and to protect Canadian workers. “We’re going to build the strongest economy in the G7,” he said.
Canada is exempted from the new tariffs on U.S imports, but the country had been targeted by previous measures.
In Brazil, in a rare display of unity, Congress unanimously passed a bill allowing the government to retaliate against any country imposing tariffs on Brazilian goods.
The bill “protects Brazil in the commercial relations with the world. It is important to say that when any country wants to interfere or change the commercial and diplomatic relations with Brazil, this bill allows that the Brazilian government act and do what is needed”, said congressman José Guimarães during a speech at the Chamber of Deputies.
The bill now has to be signed by President Luiz Inácio Lula da Silva. Brazil’s government said in a statement on Wednesday it disapproves of the U.S. government’s decision to lift tariffs by 10% to all exports from the South American nation.
In Asia, China’s commerce minister urged the U.S. to “immediately cancel” the tariffs and promised countermeasures.
Japan, the U.S.’s closest ally in the region, plans to closely analyze the tariffs and their impact while refraining from talk of retaliation, according to Chief Cabinet Secretary Yoshimasa Hayashi.
The baseline tariffs will also affect 51 African nations, many of which are also targeted by additional charges.
Extra tariffs include 30% for South Africa, 50% for Lesotho and 47% for Madagascar.
Following Trump’s announcements, global stock markets fell when trade began on Thursday.
