US President Donald Trump has imposed new retaliatory tariffs on nearly 100 nations, including China, Pakistan, and India, labeling it as a move towards "economic liberation" for America.
Addressing the Rose Garden of the White House on Wednesday, Trump labeled the decision as "America's Liberation Day," asserting that it would help to revive industries in the nation and restore the nation's economic dominance.
Trump released a comprehensive list of countries that would be subjected to these new tariffs, as well as the already imposed tariffs on US exports. Under the new policy, Pakistan will be charged a 29% tariff, China 34%, and India 26%.
Trump justified the move, saying that "many so-called friends in trade are worse than enemies." He particularly noted that Pakistan charges 58% duty on US products, and India charges 52%, claiming that it was America's turn to strike back.
China, already subjected to a 20% tariff on imports, will now incur an extra 34% fee, taking the total tariffs on Chinese imports to 54%. Trump also applied tariffs to main US allies, such as the European Union (20%) and Japan (24%), eliciting criticism from world leaders.
European Commission President Ursula von der Leyen described the move as "a major blow to the global economy," while Japan's Trade Minister denounced it as "unilateral and disappointing." China, in turn, stated that it "strongly opposes" the tariffs and threatened retaliatory action to safeguard its interests.
Notably, Russia was exempted from these tariffs, with the White House explaining that US sanctions had already pushed trade with Russia to almost zero following the invasion of Ukraine. Other sanctioned nations, including Belarus, Cuba, and North Korea, were also excluded from the tariff list.
In contrast, Lesotho, a tiny South African country, is one of the worst-affected nations, with a 50% tariff on its exports of textiles and diamonds to the US. Canada and Mexico were also unexpectedly left out, as their trade arrangements were already exempted in earlier executive orders.
