Donald Trump has unveiled new tariffs on all U.S. trading partners in what the president has repeatedly billed as “Liberation Day” as the announcement approached.
Trump promised to roll out reciprocal dollar-for-dollar tariffs on nations that levy duties on U.S. goods as part of an aggressive attempt to fulfill his administration’s America First agenda and correct years of what he deems “unfair” trade.
In a speech at a “Make America Wealthy Again” event in the White House Rose Garden shortly after U.S. markets closed, the president announced across-the-board tariffs of 10 percent on all nations with reciprocal tariffs for the “worst offenders” at 50 percent of what they tax American goods.
Neighboring Canada and Mexico are not subject to additional tariffs beyond those already imposed related to fentanyl trafficking, with exemptions under the USMCA trade agreement.
Plans were kept firmly under wraps in advance of the event with Trump’s team reportedly weighing options through Tuesday. However, White House Press Secretary Karoline Leavitt stated that the president had already decided his course of action and that the tariffs would go into effect almost immediately. The only way to avoid the new levies, she said, is to move production to the U.S.
Trump tariffs exempt oil and gas importsImports of oil, gas, and refined products were exempted from U.S. President Donald Trump’s sweeping new tariffs, the White House announced on Wednesday.
This exemption will provide relief to the U.S. oil industry, which had voiced concerns that new levies could disrupt supply chains and increase costs on everything from Canadian crude oil serving Midwest refineries to European shipments of gasoline and diesel to the eastern seaboard.
However, the trade protections do not cover energy imports from Canada or Mexico – already exempted under the United States-Mexico-Canada Agreement (USMCA) free trade deal – nor do they apply to energy imports from any other countries, according to a White House official.
Canada and Mexico represent the two largest sources of imported crude oil to the United States, while Europe is a significant source of imported fuel for the U.S. East Coast, which has a shortage of oil refineries.
Oliver O’Connell3 April 2025 00:22
US seafood industry leader says tariffs will raise costs and threaten American jobsThe U.S. imports about 80% of its seafood, most of which will now face much higher duties.
“Tariffs will raise the cost of seafood, making the healthiest animal protein on the planet less available and more expensive,” said Lisa Wallenda Picard, president and CEO of the National Fisheries Institute. “Meanwhile, the tariffs could threaten many of the 1.6 million American jobs that, according to the federal government, U.S. commercial seafood companies support.”
The leading sources of U.S. seafood include Canada, Chile, India, Indonesia and Vietnam. India will now face tariffs of 26%, Trump said, while Vietnam has been hit with a 46% tariff.
Trump officials are analyzing how much it will cost to take over GreenlandOfficials within the Office of Management and Budget are reportedly analyzing the cost of providing services to the island’s 58,000 residents, the benefits Greenland’s natural resources could generate for the U.S. Treasury, and the options the U.S. has to present a more appealing arrangement that the territory’s existing $600 million-per-year subsidies from Denmark.
“The point is, ‘We’ll pay you more than Denmark does,’” one administration insider told The Washington Post, which reported on the analysis effort.
Josh Marcus reports.
Oliver O’Connell3 April 2025 00:00
Trump tariffs: What will immediate impact on UK be? European Union nations face stiffer 20 percent penalties while China will pay 34 percent and Cambodia an eye-watering 49 percent. Switzerland was also hit hard with 31 percent, Taiwan faces 32 percent, and India getting 26 percent.
A Downing Street source said: “We don’t want any tariffs at all, but a lower levy than others vindicates our approach. It matters because the difference between 10 percent and 20 percent is thousands of jobs.”
Albert Toth and Barney Davis report from London.
Oliver O’Connell2 April 2025 23:50
Trump takes aim at ‘de minimis’ exceptions on goods imported from ChinaTrump has signed an executive order that the White House said would close a “loophole” on small-ticket imported goods from China.
The action seeks to scrap exceptions that had shielded from tariffs on imported goods from China worth less than $800.
This is legally known as the “de minimis” treatment. It suggests that the cost of what’s being imported was too low to merit a tariff.
Trump’s action means goods from China would no longer get the exception.
His new round of sweeping tariffs also seeks to end similar exceptions for imports from all countries, but only once the U.S. government has the personnel to properly process such imports.
That means imported goods from most of the world worth less than $800 would eventually also lose their exceptions.
White House says new China tariffs come on top of existing taxesOliver O’Connell2 April 2025 23:35
No escape for UK: Trump targets ‘foreign cheaters’ in new global trade warThe US president said his “Liberation Day” announcement — in which some nations will pay as much far higher rates — was a “declaration of economic independence.”
David Maddox reports from London.
Oliver O’Connell2 April 2025 23:30
Italy’s Meloni calls Trump tariffs on Europe ‘wrong’Italian Premier Giorgia Meloni said the introduction by the U.S. of new tariffs against the European Union is a “wrong” measure that doesn’t favor either side.
“We will do everything we can to work towards an agreement with the United States, with the aim of avoiding a trade war that would inevitably weaken the West in favor of other global players,” Meloni said in a Facebook post.
“In any case, as always, we will act in the interest of Italy and its economy, also by discussing with other European partners.”
Oliver O’Connell2 April 2025 23:22
Could Mexico and Canada benefit from Trump’s tariffs?Mexico and Canada, excluded from the list of reciprocal tariffs due to the trilateral free trade agreement between the countries, may stand to gain by Trump’s announcement, said Gabriela Siller, economic analyst of the Mexican financial group Banco Base.
Mexico is still affected by a number of more limited tariffs on steel and aluminum and may be subject to tariffs down the line as the administration continues to put pressure on the country to control fentanyl production and migration.
But dodging broader measures by the Trump administration on Wednesday could give Mexico a competitive market edge “despite Trump’s protectionist rhetoric,” Siller said.
“It’s bad news for the world,” Siller said. “Still, it’s good news for Mexico. … Tariffs will surely lower what (these countries) sell to the United States. That opens up an opportunity in the market.”
Trump finally unveiled his long-awaited tariff plan. Here’s what happened on ‘Liberation Day’Donald Trump hailed “liberation day in America” after slapping a 10 percent tax on all imported goods and additional “reciprocal” tariffs against several key trading partners in his escalating trade war that is expected to have a damaging economic ripple effect.
Alex Woodward reports from New York.
Oliver O’Connell2 April 2025 23:05
