US Tariff Announcement Live Updates: US President Donald Trump on Wednesday announced a raft of tariffs, targeting countries around the world, in a move that could spark a global trade war. The tariffs threaten various sectors like the automobile, dairy, steel, and electronics.
The 78-year-old President imposed new tariffs of 34 percent on imports from China and 20 percent on imports from the European Union – two of the main US trade partners. He declared a 26 per cent “discounted reciprocal tariff” on India.
“For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,” the US President said. “This is Liberation Day,” he said, adding that it would “forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed.”
Mr Trump for weeks, has said his reciprocal tariff plans are a move to equalise generally lower US tariff rates with those charged by other countries and counteract their non-tariff barriers that disadvantage US exports. Global markets remained jittery for days ahead of the announcement, as various countries called for talks in this regard.
Here are the Live Updates: