Trump’s 10% Global Tariffs Begin

                                        Trump’s 10% Global Tariffs Begin

 The initial phase of President Donald Trump’s broad tariff plan took effect at 12:01 a.m. on April 5. A universal tariff of 10 percent will now be imposed on all imports, regardless of their country of origin—an increase from the previous average rate of approximately 2.5 percent. This move by the White House will affect the $3 trillion worth of goods the U.S. imports each year. At a “Make America Wealthy Again” event held in the White House Rose Garden on April 2, Trump laid out his tariff strategy, pledging to reverse years of trade deficits and what he described as unfair global trade practices. Speaking to an audience that included auto workers, craftsmen, farmers, steelworkers, and members of his Cabinet, he declared, “For decades, our nation has been looted and exploited by countries near and far—both allies and adversaries. They stood by in frustration as foreign leaders took our jobs, dishonest competitors gutted our factories, and opportunists dismantled the American dream we once cherished.” > "For over 50 years, our nation and its taxpayers have been taken advantage of, but that ends now," said Trump. Certain products—such as cars, aluminum, and steel—will be excluded from the new tariff rules since they are already covered under Section 232 tariffs. Meanwhile, China’s Finance Ministry announced it would implement a 34% retaliatory tariff on U.S. imports starting April 10. "China calls on the United States to immediately withdraw its unilateral tariff actions and resolve trade disputes through dialogue based on equality, mutual respect, and shared benefit," the ministry stated.