President Donald Trump’s promised higher tariffs have gone into effect today, targeting many countries whose goods imported to the US were already subject to a 10 percent base tariff that started on April 5th.
The White House announced the tariffs on April 2nd, dubiously claiming they were “reciprocal” based on a nonsensical formula that far exceeded conventionally calculated tariffs. At the same time it declared a national emergency and stated that the higher tariffs would stay until Trump “determines that the threat posed by the trade deficit and underlying nonreciprocal treatment is satisfied, resolved, or mitigated.”
Countries targeted for higher tariffs included China at 34 percent, the EU at 20 percent, and Vietnam at 46 percent, but since the tariffs are additive, some of the real numbers are much higher — Trump had already slapped 20 percent tariffs on China, and added another 50 percent this week after China announced retaliatory measures, bringing it to a total 104 percent. That means the total tariff more than doubles import costs for everything shipped from China, including the majority of the world’s components and consumer electronics. The EU will vote on its own retaliatory tariffs today.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
