American President Donald Trump announced Wednesday that he would impose a 10 percent baseline tariff on all imports into the United States, and higher duties on some of the country’s biggest trading partners, further escalating the trade war he initiated upon returning to the White House.
Comprehensive tariffs will raise new barriers in the world’s largest economy, reversing decades of trade liberalization that have shaped the global order. Other countries are expected to respond with countermeasures, which could lead to dramatically higher prices, reported RFE.
“This is our declaration of economic independence,” Trump said in the Rose Garden at the White House in Washington, along with a message: “We are finally putting America first.”
The US president Trump held up a board showing the new rates charged on most countries, ranging from 10 to 49 percent.
Among the countries listed with new tariffs are Serbia with a 37 percent tariff, Bosnia and Herzegovina with 35 percent, and North Macedonia with 33 percent.
He said trade deficits are no longer merely an economic problem, but “a national emergency.”
“In many cases, the friend is worse than the foe in terms of trade,” the US president said.
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