Trump announces the implementation of "reciprocal tariffs", multiple trade partners say they will retaliate

PANews reported on April 3rd, according to Cailian Press, that US President Trump signed two executive orders about the so-called "reciprocal tariffs" at the White House on Wednesday (April 2nd), Eastern Time. He announced that the United States would set a minimum benchmark tariff of 10% for all trade partners and impose higher tariffs on multiple trade partners. Trump stated that the United States will levy reciprocal tariffs on dozens of trading partners, but these tariffs will not be completely reciprocal; instead, they will charge approximately half of their comprehensive tax rate to these countries and regions. Trump displayed a poster listing out the reciprocal tariffs. The chart showed that the United States imposed a 34% reciprocal tariff on China, a 20% one on EU, 10% each for Brazil and UK, 31% for Switzerland, 26% for India, 25% for South Korea ,24 %for Japan ,32 %for Indonesia ,36 %for Thailand ,46 %for Vietnam and finally49 %on Cambodia.

Senior officials from the White House said that this base tariff rate (10%) would take effect in early morning hours of April5th while Reciprocal Tariffs would come into effect in early morning hours of April9th .The exemption from goods duties under USMCA agreement shall continue with those not complying with it still maintaining at25 %. Previously several trading partners had already expressed their intention to respond by taking countermeasures.European Commission President Ursula von der Leyen stated facing new upcoming American Tariffs European Union has many cards up its sleeve having prepared strong countermeasure plans ready to implement when necessary.Canadian Prime Minister Mark Carney warned if Trump fulfills his promise regarding “Reciprocal Tariffs” Canada plans to impose retaliatory tariffs against American Goods this week.Carney also warned relations between Canada & America have fundamentally changed with Canada having “multiple measures available to respond”.