Trump announces 10 percent tariffs on all imports, additional taxes for some 60 countries

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Source: Washington Post

Updated April 2, 2025 at 4:44 p.m. EDT


President Donald Trump said Wednesday that he will impose a new 10 percent tariff on all imported goods along with an additional punitive import tax tailored for each of about 60 countries that his advisers say maintain the most unfair barriers against U.S. products.

The president’s long-awaited tariff plan is designed to spur a renaissance in domestic manufacturing and to fill government coffers with tax revenue, even as many economists warn that he is steering the U.S. economy toward slower growth and higher prices. “In the face of unrelenting economic warfare, the United States can no longer continue with a policy of unilateral economic surrender,” Trump said during a Rose Garden ceremony before an audience of guests, reporters and members of his Cabinet.

The president’s latest trade initiative represents a breathtaking political gamble. After returning to the White House on a wave of public anger over inflation, Trump is now asking voters to put up with a renewed period of rising prices in return for the distant promise of rebuilding domestic manufacturing.

Already, economists are warning that Trump’s tax increase on imported goods will mean sticker shock on some of Americans’ most important purchases, including groceries, cars and homes.

Read more: https://www.washingtonpost.com/business/2025/04/02/trump-tariffs-liberation-day-trade/

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Article updated.

Original article -

April 2, 2025 at 4:34 p.m. EDT


President Donald Trump said Wednesday he will impose a new 10 percent tariff on all imported goods along with an additional punitive import tax tailored for each of about 60 countries that his advisers say maintain the most unfair barriers against U.S. products.

The president's long-awaited tariff plan is designed to spur a renaissance in domestic manufacturing and to fill government coffers with tax revenue, even as many economists warn that he is steering the U.S. economy toward slower growth and higher prices. "In the face of unrelenting economic warfare, the United States can no longer continue with a policy of unilateral economic surrender," Trump said during the Rose Garden ceremony before an audience of guests, reporters and members of his Cabinet.

The president's latest trade initiative represents a breathtaking political gamble. After returning to the White House on a wave of public anger over inflation, Trump is now asking voters to put up with a renewed period of rising prices in return for the distant promise of rebuilding domestic manufacturing.

Already, economists are warning that Trump's tax increase on imported goods will mean sticker shock on some of Americans' most important purchases, including groceries, cars and homes.