During his speech on Liberation Day, President Donald Trump announced a strikingly new trade policy. According to Trump, it is “completely unfair” that the United States hardly raises rates on foreign products, while almost all other countries count substantial import duties on American goods. In order to straighten these crooked trade relationships, Trump announced that his government will introduce mutual rates on foreign products.
“We are finally going to do something about these unfair practices. Countries make billions of profit across our back, while we hardly reclaim anything,” said Trump.
25% rate on all foreign cars
One of the first concrete steps that Trump wants to take is to enter a rate of 25% on all foreign cars. In doing so, he hopes to protect both the American automotive sector and to put foreign trading partners under pressure to lower their own rates.
“Why should a European car be sold practically without tax here, while a Ford in Europe is taxed by 20%? So we will no longer do that,” Trump said.
Country list with new rates presented
During his speech, Trump showed an overview of the planned mutual rates, based on the taxes that the US is currently having to endure. This overview makes it clear that some countries will be hit hard.
- Vietnam – 46% rate
- China – 34% rate
- Cambodia – 49% rate
- Japan – 32% rate
- India – 24% rate
- South Korea-26% rate
- Thailand – 25% rate
- Indonesia – 32% rate
- EU (European Union) – 20% rate
- Switzerland – 36% rate
- Taiwan – 46% rate
- United Kingdom – 10% rate
According to Trump, this is only the start of a greater restructuring of the global trading system. “We are going to show the world that America no longer distributes a free lunch. Everyone who wants to sell here must contribute honestly.”
Reactions still wait
Although Trump did not yet receive international reactions during his speech, this announcement will undoubtedly lead to concern for trading partners worldwide. It is not yet clear whether and how other countries will respond to these one -sided rate adjustments.
What is clear: Trumps new course marks a big break with the old free trade policy and promises a turbulent time in world trade.
Claim € 10 free today and do not pay trading costs over the first € 10,000!
Grab this unique opportunity with Newsbit and Bitvavo by creating an account now via the button below. Only deposit € 10 and receive € 10 free of charge. Moreover, you can act without costs for 7 days over your first € 10,000 in transactions. Start today and take advantage of the growing popularity of Crypto!
Make your account and claim € 10 for free.
Don’t miss this opportunity to take advantage of the growing popularity of Crypto!
Source: https://newsbit.nl/trump-kondigt-keiharde-tarieven-aan-34-op-china-en-20-op-de-eu/
