Financial News: Trump Announces Sweeping Reciprocal Tariff Plan

Trump Announces Sweeping Reciprocal Tariff Plan

04/02/2025 - 17:36:00 (RTTNews)

(RTTNews) - President Donald Trump delivered a highly anticipated speech from the White House Rose Garden on Wednesday outlining his plan to impose sweeping tariffs on U.S. trade partners.

Trump's plan purportedly calls for a baseline 10 percent tariff to be imposed on all U.S. imports except those compliant with the United States-Mexico-Canada Agreement.

Certain countries will face much higher tariffs, with Trump saying his "reciprocal tariff" plan calls for countries to be charged "approximately half of what they are and have been charging us."

Trump unveiled a chart showing the tariff rates that will be charged to specific countries, and countries like Cambodia, Laos, Madagascar and Vietnam are set to be charged nearly 50 percent.

A senior White House official told CNN the reciprocal tariffs will go into effect at 12:01 am ET on Wednesday, April 9th.

Trump argued his plan will "supercharge" the U.S. domestic industrial base, open foreign markets and break down foreign trade barriers.

"And ultimately more production at home will mean stronger competition and lower prices for consumers," he added. "We're gonna come back very strongly."

Trump also confirmed previously announced 25 percent tariffs on U.S. auto imports will be imposed starting at 12:01 am ET on Thursday.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

U.S. Consumer Sentiment Deteriorates Modestly Less Than Estimated In April (10 hr(s), 39 min(s), 19 sec(s) ago)
(RTTNews) - A report released by the University of Michigan on Friday showed consumer sentiment in ...Full Story»

Russia Holds Key Interest Rate As Expected (11 hr(s), 02 min(s), 19 sec(s) ago)
(RTTNews) - The Bank of Russia left its interest rate unchanged as widely expected on Friday, desp ...Full Story»

UK Retail Sales Rise; Consumer Sentiment Weakens (11 hr(s), 49 min(s), 19 sec(s) ago)
(RTTNews) - UK retail sales grew unexpectedly in March as good weather boosted demand for clothing ...Full Story»

Iceland Producer Price Inflation Eases To 8.3% (15 hr(s), 03 min(s), 19 sec(s) ago)
(RTTNews) - Iceland's industrial producer price inflation moderated in March after acceleratin ...Full Story»

French Manufacturing Confidence Rebounds In April (16 hr(s), 32 min(s), 19 sec(s) ago)
(RTTNews) - The confidence among French manufacturers rebounded strongly in April to the strongest ...Full Story»

UK Retail Sales Rise Unexpectedly (17 hr(s), 32 min(s), 19 sec(s) ago)
(RTTNews) - UK retail sales grew unexpectedly in March as good weather boosted sales of clothing a ...Full Story»

Hungary Jobless Rate Falls To 4.3% (17 hr(s), 51 min(s), 19 sec(s) ago)
(RTTNews) - Hungary's unemployment rate decreased slightly in the January to March period, dat ...Full Story»

UK Auto Production Surges On Foreign Demand In March (18 hr(s), 10 min(s), 19 sec(s) ago)
(RTTNews) - Edited third para UK auto production logged a double-digit growth in March but th ...Full Story»