Washington, April 5, 2025 – The United States has introduced an additional 10% tariff on imports from nearly every country worldwide, effective today, in a move spearheaded by President Donald Trump. Described as a response to a “national emergency” to curb the US trade deficit, the tariffs exclude essentials like oil, gas, precious metals, semiconductors, and pharmaceuticals, as well as steel, aluminum, and cars already under 25% duties.
Starting April 9, countries with trade surpluses with the US will face steeper rates: 54% on Chinese imports, 20% on EU goods, 46% on Vietnamese products, and 24% on Japanese exports. The policy, outlined in a government document yesterday, impacts 80 countries, including all 27 EU states. Curiously, the Hurd and McDonald Islands, home only to penguins, were dropped from the tariff list after initial inclusion.
The UN Conference on Trade and Development (UNCTAD) criticized the move, highlighting its burden on the world’s poorest nations, which account for just 1.6% of the US trade deficit. Economists liken the tariffs to 1930s-era barriers, warning of severe global trade disruptions.
China retaliated swiftly, announcing 34% tariffs on US goods from April 10, while other nations are poised to respond. Markets have cratered, with the US stock market losing $6 trillion in two days and European and Asian exchanges following suit. Trump, unyielding, posted on Truth Social in all caps: “My policies will never change… This is a good time to be rich, richer than ever!!!”