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President Donald Trump announced a wide range of tariffs during Wednesday’s Liberation Day event at the White House Rose Garden.
The tariffs include a 10 percent baseline tax on imported goods, with higher charges on items from some nations.
“Taxpayers have been ripped off for more than 50 years,” Trump said during his remarks. “But it is not going to happen anymore.”
The changes are part of the president’s plan to “Make America Wealthy Again.” According to a White House fact sheet released Wednesday, “A 2024 economic analysis found that a global tariff of 10% would grow the economy by $728 billion, create 2.8 million jobs, and increase real household incomes by 5.7%.”
The fact sheet also cited an Industry Week report showing how tariffs are strengthening America’s steel production: “With steel imports down, America’s steelmakers have started investing at home. In addition to Nucor and US Steel, companies like Cleveland-Cliffs, Steel Dynamics, CMC, and AK Steel have invested billions of dollars in at least 16 major new projects throughout the nation. The top five US steel companies more than doubled their total annual investments between 2017 to 2019, from $1.5 billion to $4.2 billion.”
Trump announced that Canada and Mexico will face 25 percent tariffs on many items, while cars made outside the U.S. will face a 25 percent tariff starting Thursday. A 25 percent tariff will also be applied to imported beer.
The president referred to the tariffs as friendly reciprocal tariffs, showing how America’s charges will be lower than many tariffs charged against the U.S. For example, China charges the U.S. 67 percent tariffs but will face 34 percent tariffs on imported goods. The European Union charges 39 percent, but it will be charged 20 percent.
“In other words, they charge us, we charge them. We charge them less. So how can anybody be upset?” Trump said.
Trump also warned against nations seeking to cheat the new tariff structure.
“That’ll be on other countries to help rebuild our economy and to prevent cheating. So we’re going to have a minimum of cheating, and we’re going to be very severe,” he added.
