In an event, described by the USA President as a Liberation Day, at the Rose Garden, Trump showed to the audience a sheet of discounted reciprocal tariffs applied to the USA’s key trading partners in the world. For countries charging 10% on American goods, the reciprocal rate of 10% is applied; for the ones charging more than 10%, the reciprocal rates are discounted by a half.
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The countries facing high tariffs are mostly Asian ones, including Cambodia (49%), Laos (48%), Vietnam (46%), Myanmar (44%), Thailand (36%). The rate applied for China is 36%, for EU is 20% and India 26%.
Donald Trump spent much time to talk about the tariffs on automobiles. “… until today, the United States has for decades charged a 2.5% tariff. Think of that 2.5% on foreign made automobiles. The European Union charges US more than 10% tariffs and India charges 70%. And perhaps worst of all are the non-monetary restrictions imposed by South Korea, Japan and very many other nations as a result of these colossal trade barriers”.
President Trump Participates in the Make America Wealthy Again Event https://t.co/CDX2abcJ7J
— The White House (@WhiteHouse) April 2, 2025
He announced to impose a 25% tariff on all foreign made automobiles, effective at midnight 2nd April.
Top Democrat politicians have criticized Trump’s massive tariffs increase, described it as a tax on American families and proceed with bills to block his policy. Rep. Don Beyer (D) stated that “Trump's mass tariffs are stupid. The White House is predicting the largest tax increase in history. Trump likes tariffs because he's a bully, because he's an authoritarian, because he doesn't care who gets hurt”.
Meanwhile, many Republican politicians expressed their trust in Trump’s “instincts” when deciding to do so, anticipate the long-term growth and revenue for the USA although predicting some imminent short-term pain and chaos.
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