President Donald Trump announced plans to impose additional tariffs on countries that tax U.S. exports, calling it part of a 'reciprocity' policy to protect American interests. This move, announced on April 2, 2025, includes a base tariff of 10% on imports from all countries, as well as higher rates from 11% to 50% for 57 countries with the largest trade deficits with the U.S., such as China (54%), the EU (20%), and Japan (24%). The tariffs will take effect on April 9, but the president left the possibility for adjustments depending on negotiations.
Trump claims the tariffs will promote American manufacturing and reduce the trade deficit, which reached $1.2 trillion in 2024. However, countries like China, Canada, and the EU have already announced counter-tariffs on American exports worth $330 billion, which could lead to higher prices for consumers and slow down the global economy. Analysts predict a 0.2% decrease in U.S. GDP and an increase in inflation. The tariffs will not apply to USMCA countries under certain conditions, as well as to goods like semiconductors and pharmaceuticals.
Stay updated on economic news by subscribing to MiningUpdates!