Local time on April 2, the White House issued a statement saying that US President Donald Trump will impose a 10% "base tariff" on all countries. This tariff will take effect at 00:01 am Eastern Time on April 5. In addition, Trump will impose a higher "reciprocal tariff" tailored to the country with the largest US trade deficit. This tariff will take effect at 00:01 am Eastern Time on April 9. All other countries will continue to abide by the original 10% tariff benchmark.
The statement said that some goods will not be subject to the "reciprocal tariff", including steel and aluminum products, automobiles and auto parts that are already subject to Section 232 tariffs, goods that may be subject to future Section 232 tariffs, as well as energy and certain minerals that the United States does not have. In addition, gold bars, copper, pharmaceuticals, semiconductors and wood products are also exempt from the "reciprocal tariff".
Trump said that the United States will calculate the overall tax rate, including all tariffs, non-tariff barriers and other forms, of countries that pose a great threat to the United States. The tariffs will not be completely reciprocal. The United States will charge about half the fees from these countries.
In addition, Trump announced a 25% tariff on imported cars. Trump said the 25% car tariff will take effect on April 3. Trump said on March 26 that the car tariff would be permanent. He mentioned that if cars are manufactured in the United States, no tariffs are required.
Previously, several trading partners have indicated that they will take countermeasures in response.