{"id":3991,"date":"2025-04-03T03:34:07","date_gmt":"2025-04-03T03:34:07","guid":{"rendered":"https:\/\/insightflowmedia.com\/new-tariffs-set-to-be-announced-by-trump-on-wednesday-wgrz-com\/"},"modified":"2025-04-03T03:34:38","modified_gmt":"2025-04-03T03:34:38","slug":"new-tariffs-set-to-be-announced-by-trump-on-wednesday-wgrz-com","status":"publish","type":"post","link":"https:\/\/insightflowmedia.com\/?p=3991","title":{"rendered":"President Donald Trump announced plans for sweeping tariffs, saying \u201cour country has been looted, pillaged, raped, plundered\u201d by other nations."},"content":{"rendered":"

The new tariffs \u2014 coming on what Trump has called \u201cLiberation Day\u201d \u2014 is a bid to free the U.S. from what he has said are years of unfair trade practices. <\/p>\n

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WASHINGTON \u2014 President Donald Trump<\/a> on Wednesday announced far-reaching new tariffs on nearly all U.S. trading partners \u2014 a 34% tax on imports from China and 20% on the European Union, among others \u2014 that threaten to dismantle much of the architecture of the global economy and trigger broader trade wars.<\/p>\n<\/p><\/div>\n

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Trump, in a Rose Garden announcement, said he was placing\u00a0elevated tariff rates<\/a> on dozens of nations that run trade surpluses with the United States, while imposing a 10% baseline tax on imports from all countries in response to what he called an economic emergency.<\/p>\n<\/p><\/div>\n

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The president, who said the tariffs were designed to boost domestic manufacturing, used aggressive rhetoric to describe a global trade system that the United States helped to build after World War II, saying \u201cour country has been looted, pillaged, raped, plundered\u201d by other nations.<\/p>\n<\/p><\/div>\n

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The action amounts to a historic tax hike that could push the global order to a breaking point. It kickstarts what could be a painful transition for many Americans as middle-class essentials such as housing, autos and clothing are expected to become more costly, while disrupting the alliances built to ensure peace and economic stability.<\/p>\n<\/p><\/div>\n

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Trump said he was acting to bring in hundreds of billions in new revenue to the U.S. government and restore fairness to global trade.<\/p>\n<\/p><\/div>\n

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\u201cTaxpayers have been ripped off for more than 50 years,\u201d he said. \u201cBut it is not going to happen anymore.\u201d<\/p>\n<\/p><\/div>\n

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Trump declared a national economic emergency to levy the tariffs. He has promised that factory jobs will return to the United States as a result of the taxes, but his policies risk a sudden economic slowdown as consumers and businesses could face sharp price hikes.<\/p>\n<\/p><\/div>\n

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Trump was fulfilling a key campaign promise as he imposed what he called \u201creciprocal\u201d tariffs on trade partners, acting without Congress under the 1977 International Emergency Powers Act. But his action Wednesday could undermine the voter mandate last year to combat inflation that helped return him to the White House after a four-year hiatus, a choice that could carry tremendous economic risks for the public. Several Republican senators, particularly from farm states, have questioned the wisdom of the tariffs.<\/p>\n<\/p><\/div>\n

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\u201cWith today\u2019s announcement, U.S. tariffs will approach levels not seen since the Smoot-Hawley Tariff Act of 1930, which incited a global trade war and deepened the Great Depression,” said Scott Lincicome and Colin Grabow of the Cato Institute, a libertarian think tank.<\/p>\n<\/p><\/div>\n

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The president’s higher rates would hit foreign entities that sell more goods to the United States than they buy, meaning the tariffs could stay in place for some time as the administration expects other nations to lower their tariffs and other barriers to trade that it says led to a $1.2 trillion trade imbalance last year.<\/p>\n<\/p><\/div>\n

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The new tariffs will come on top of recent announcements of 25% taxes on auto imports<\/a>; levies against China, Canada and Mexico;<\/a> and expanded trade penalties on steel and aluminum<\/a>. Trump has also imposed tariffs on countries that import oil from Venezuela<\/a> and he plans separate import taxes on pharmaceutical drugs, lumber, copper and computer chips.<\/p>\n<\/p><\/div>\n

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Threats of backlash<\/h3>\n<\/p>\n
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None of the warning signs about a falling stock market or consumer sentiment turning morose have caused the administration to publicly second-guess its strategy, despite the risk of political backlash.<\/p>\n<\/p><\/div>\n

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Senior administration officials, who insisted on anonymity to preview the new tariffs with reporters ahead of Trump’s speech, said the taxes would raise hundreds of billions of dollars annually in revenues. They said the 10% baseline rate existed to help ensure compliance, while the higher rates were based on the trade deficits run with other nations and then halved to reach the numbers that Trump presented in the Rose Garden.<\/p>\n<\/p><\/div>\n

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The 10% rate would be collected starting Saturday and the higher rates would be collected beginning April 9.<\/p>\n<\/p><\/div>\n

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Trump removed the tariff exemptions on imports from China worth $800 or less. He plans to remove the exemptions other nations have on imports worth $800 or less once the federal government certifies that is has the staffing and resources in place.<\/p>\n<\/p><\/div>\n

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Based on the possibility of broad tariffs that have been floated by some White House aides, most outside analyses by banks and think tanks see an economy tarnished by higher prices and stagnating growth.<\/p>\n<\/p><\/div>\n

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Trump would be applying these tariffs on his own; he has ways of doing so without congressional approval. That makes it easy for\u00a0Democratic lawmakers and policymakers<\/a> to criticize the administration if the uncertainty expressed by businesses and declining consumer sentiment are signs of trouble to come.<\/p>\n<\/p><\/div>\n

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Rep. Suzan DelBene, D-Wash., said the tariffs are \u201cpart of the chaos and dysfunction\u201d being generated across the Trump administration. The chair of the Democratic Congressional Campaign Committee stressed that Trump should not have the sole authority to raise taxes as he intends without getting lawmakers’ approval, saying that Republicans so far have been \u201cblindly loyal.\u201d<\/p>\n<\/p><\/div>\n

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\u201cThe president shouldn\u2019t be able to do that,” DelBene said. “This is a massive tax increase on American families, and it\u2019s without a vote in Congress. … President Trump promised on the campaign trail that he would lower costs on day one. Now he says he doesn\u2019t care if prices go up \u2014 he\u2019s broken his promise.\u201d<\/p>\n<\/p><\/div>\n

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Even Republicans who trust Trump’s instincts have acknowledged that the tariffs could disrupt an economy with an otherwise healthy 4.1 % unemployment rate.<\/p>\n<\/p><\/div>\n

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\u201cWe\u2019ll see how it all develops,\u201d said House Speaker Mike Johnson, R-La. \u201cIt may be rocky in the beginning. But I think that this will make sense for Americans and help all Americans.\u201d<\/p>\n<\/p><\/div>\n

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Allies brace themselves<\/h3>\n<\/p>\n
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Longtime trading partners are preparing their own countermeasures. Canada has imposed some in response to the 25% tariffs that Trump tied to the trafficking of fentanyl. The European Union, in response to the steel and aluminum tariffs, put taxes on 26 billion euros ($28 billion) worth of U.S. goods, including on bourbon, which prompted Trump to threaten a 200% tariff on European alcohol.<\/p>\n<\/p><\/div>\n

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Many allies feel they have been reluctantly drawn into a confrontation by Trump, who routinely says America’s friends and foes have essentially ripped off the United States with a mix of tariffs and other trade barriers.<\/p>\n<\/p><\/div>\n

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The flip side is that Americans also have the incomes to choose to buy designer gowns by French fashion houses and autos from German manufacturers, whereas\u00a0World Bank data<\/a> show the EU has lower incomes per capita than the U.S.<\/p>\n<\/p><\/div>\n

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\u201cEurope has not started this confrontation,\u201d said European Commission President Ursula von der Leyen. \u201cWe do not necessarily want to retaliate but, if it is necessary, we have a strong plan to retaliate and we will use it.\u201d<\/p>\n<\/p><\/div>\n

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Italy\u2019s premier, Giorgia Meloni, on Wednesday reiterated her call to avoid an EU-US trade war, saying it would harm both sides and would have \u201cheavy\u201d consequences for her country’s economy.<\/p>\n<\/p><\/div>\n

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Because Trump had hyped his tariffs without providing specifics until Wednesday, he provided a deeper sense of uncertainty for the world, a sign that the economic slowdown could possibly extend beyond U.S. borders to other nations that would see one person to blame.<\/p>\n<\/p><\/div>\n

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Ray Sparnaay, general manager of JE Fixture & Tool, a Canadian tool and die business that sits across the Detroit River, said the uncertainty has crushed his company’s ability to make plans.<\/p>\n<\/p><\/div>\n

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\u201cThere\u2019s going to be tariffs implemented. We just don\u2019t know at this point,\u201d he said Monday. \u201cThat\u2019s one of the biggest problems we\u2019ve had probably the last \u2014 well, since November \u2014 is the uncertainty. It\u2019s basically slowed all of our quoting processes, business that we hope to secure has been stalled.\u201d<\/p>\n<\/p><\/div>\n

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Associated Press writers Mike Householder in Oldcastle, Ontario, Sylvie Corbet in Paris and Lisa Mascaro in Washington contributed to this report.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

The new tariffs \u2014 coming on what Trump has called \u201cLiberation Day\u201d \u2014 is a bid to free the U.S. from what he has said are years of unfair trade … <\/p>\n","protected":false},"author":1,"featured_media":3993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home"],"_links":{"self":[{"href":"https:\/\/insightflowmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/3991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insightflowmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insightflowmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insightflowmedia.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/insightflowmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3991"}],"version-history":[{"count":1,"href":"https:\/\/insightflowmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/3991\/revisions"}],"predecessor-version":[{"id":3994,"href":"https:\/\/insightflowmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/3991\/revisions\/3994"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insightflowmedia.com\/index.php?rest_route=\/wp\/v2\/media\/3993"}],"wp:attachment":[{"href":"https:\/\/insightflowmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insightflowmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insightflowmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}