US President Donald Trump on Wednesday announced a 10 per cent baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States. While announcing the sweeping tariffs, he said the US has been looted, pillaged, raped, plundered by other nations. The aggressive rhetoric from the US administration comes as Trump showed a willingness to dismantle a global economic system that the United States helped to build after World War II.
Trump held up a chart while speaking, showing the United States would charge a 34 per cent tax on imports from China, a 20 per cent tax on imports from the European Union, 25% on South Korea, 24 per cent on Japan and 32 per cent on Taiwan.
Apart from this, Trump also promised that factory jobs will return to the United States as a result of the taxes, but his policies risk causing a sudden economic slowdown as consumers and businesses could face sharp price hikes on autos, clothes and other goods.
Here’s how much countries will pay for trade deal with US
- China: 34 per cent
- European Union: 20 per cent
- South Korea: 25 per cent
- India: 26 per cent
- Vietnam: 46 per cent
- Taiwan: 32 per cent
- Japan: 24 per cent
- Thailand: 36 per cent
- Switzerland: 31 per cent
- Indonesia: 32 per cent
- Malaysia: 24 per cent
- Cambodia: 49 per cent
- United Kingdom: 10 per cent
- South Africa: 30 per cent
- Brazil: 10 per cent
- Bangladesh: 37 per cent
- Singapore: 10 per cent
- Israel: 17 per cent
- Philippines: 17 per cent
- Chile: 10 per cent
- Australia: 10 per cent
- Pakistan: 29 per cent
- Turkey: 10 per cent
- Sri Lanka: 44 per cent
- Colombia: 10 per cent