Trump unleashes trade war: Massive tariffs rock global markets
Shafaq News/ On Wednesday, President Donald Trump announced a broad set of tariffs on US trading partners, saying the move is a “declaration of economic independence” aimed at restoring American manufacturing and correcting trade imbalances.
Speaking from the White House Rose Garden, the president displayed charts outlining the tariffs the US will impose on each country, calculated at roughly half the rates those nations charge the US.
“We will charge them approximately half of what they have been charging us, so the tariffs will not be fully reciprocal,” Trump said. “I could have done that, I guess, but it would have been tough for a lot of countries, and we didn’t want to do that.”
Trump unveiled a 25% tariff on all foreign-made automobiles, effective at midnight ET, saying the measure was necessary to address “horrendous imbalances” that have harmed the country’s industrial base and national security. He also announced a baseline 10% tariff on nearly all imports, with even higher rates for countries with significant trade deficits with the US.
A senior White House official said that tariffs on about 60 countries labeled “worst offenders” would match half the rate those nations impose on US goods, taking effect on April 9. Goods from countries outside the USMCA trade agreement will continue to face a 25% duty. Importers will begin paying the new baseline tariff early Saturday.
Trump framed the tariffs as a move to strengthen domestic industry and lower consumer prices through increased competition. He argued that previous administrations had failed to protect American interests, blaming former leaders for policies that, he said, allowed other nations to take advantage of the US.
“We’re standing up for the American worker, and we are finally putting America first,” Trump said. “For too long, we’ve taken care of countries all over the world, and when we push back, they get upset. Now, we’re going to take care of our people first.”
The Senate is expected to begin voting around 6:45 p.m. ET on a Democrat-led measure rebuking President Donald Trump’s tariff policy.
While the administration says the policy will bolster manufacturing and reduce the national debt, critics warn it could escalate trade tensions and drive up costs for American consumers, due to possible retaliatory measures.
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Europeans Back Retaliatory Tariffs
A YouGov poll across seven European countries—Denmark, France, Germany, Italy, Spain, Sweden, and the UK—found strong backing for countermeasures against US goods. Support varied, with 79% in Denmark and 56% in Italy in favor. In Germany and France, 68% backed retaliation, citing concerns over potential hits to the automotive and wine industries.
Despite fears of economic fallout, many Europeans backed a tit-for-tat response. The poll showed 75% of Germans expect Trump’s tariffs to have a major impact on their economy, a view shared by 71% of Spaniards, 70% of French and Italian respondents, and 60% of Britons.
Concerns were high across the EU, with 60% of Danes and 76% of Spaniards believing the tariffs would significantly hurt the European economy. In Germany, 74% held the same view, along with 68% of French respondents.
