U.S. President Donald Trump announced on Wednesday a sweeping set of tariffs, including a baseline 10% duty on all imports into the United States. Higher tariffs will be imposed on certain major trading partners, escalating trade tensions as he marks his return to the White House.
Speaking at an event in the White House Rose Garden, Trump described the tariffs as “our declaration of independence.” Displaying a poster listing reciprocal duties, he announced tariffs of 34% on China and 20% on the European Union in response to levies placed on U.S. goods.
Tariffs on GCC and Global Markets
Among the newly imposed duties, GCC countries have been affected as follows:
- UAE: 10%
- Jordan: 20%
- Saudi Arabia: 10%
The White House confirmed that these tariffs will be implemented on April 5, while higher rates for select countries will take effect from April 9. Trump also revealed plans to visit the UAE, Saudi Arabia, and Qatar as early as May.
imports: A Shift in Global Trade Policies
These tariffs represent a significant departure from the decades of trade liberalization that have shaped the global economy. Analysts predict that affected trading partners may retaliate, potentially driving up costs for a range of goods, from bicycles to wine.
A complete list of tariff rates imposed on various countries is as follows:
List of New U.S. Tariffs:
| Country | Tariff |
|---|---|
| Algeria | 30% |
| Oman | 10% |
| Uruguay | 10% |
| Bahamas | 10% |
| Lesotho | 50% |
| Ukraine | 10% |
| Bahrain | 10% |
| Qatar | 10% |
| Mauritius | 40% |
| Fiji | 32% |
| Iceland | 10% |
| Kenya | 10% |
| Liechtenstein | 37% |
| Guyana | 38% |
| Haiti | 10% |
| Bosnia & Herzegovina | 35% |
| Nigeria | 14% |
| Namibia | 21% |
| Brunei | 24% |
| Bolivia | 10% |
| Panama | 10% |
| Venezuela | 15% |
| North Macedonia | 33% |
| Ethiopia | 10% |
| Ghana | 10% |
U.S. Reciprocal Tariffs Against Major Trading Partners:
| Country | Tariff |
| China | 34% |
| European Union | 20% |
| Vietnam | 46% |
| Taiwan | 32% |
| Japan | 24% |
| India | 26% |
| South Korea | 25% |
| Thailand | 36% |
| Switzerland | 31% |
| Indonesia | 32% |
| Malaysia | 24% |
| Cambodia | 49% |
| United Kingdom | 10% |
| South Africa | 30% |
| Brazil | 10% |
| Bangladesh | 37% |
| Singapore | 10% |
| Israel | 17% |
| Philippines | 17% |
| Chile | 10% |
| Australia | 10% |
| Pakistan | 29% |
| Turkey | 10% |
| Sri Lanka | 44% |
| Colombia | 10% |
Additional countries impacted include Peru (10%), Nicaragua (18%), Norway (15%), Costa Rica (10%), Jordan (20%), the Dominican Republic (10%), UAE (10%), New Zealand (10%), Argentina (10%), Ecuador (10%), Guatemala (10%), Honduras (10%), Madagascar (47%), Myanmar (44%), Tunisia (28%), Kazakhstan (27%), Serbia (37%), Egypt (10%), Saudi Arabia (10%), El Salvador (10%), Côte d’Ivoire (21%), Laos (48%), Botswana (37%), Trinidad & Tobago (10%), and Morocco (10%).
Imports: Market Reactions and Economic Impact
As Trump reiterated his long-standing position that global trade has harmed U.S. workers and businesses, uncertainty looms over financial markets and global supply chains. Trade agreements that have been in place since 1947 are now under threat, causing stock market volatility and apprehension among businesses reliant on stable trade policies.
The administration also issued an official notice that separate tariffs on auto imports, announced by Trump last week, will be enforced from April 3. Prior to this, Trump had already imposed 20% tariffs on all Chinese imports and a 25% tariff on steel and aluminum, expanding them to nearly $150 billion worth of downstream products.
Experts Warn of Economic Risks
Trump’s advisors argue that these tariffs will revitalize strategic manufacturing capabilities in the U.S. However, economists warn that these measures could slow global economic growth, increase the risk of a recession, and raise household expenses by thousands of dollars annually.
Manufacturing activity has already seen a downturn due to tariff concerns, prompting consumers to rush purchases of imported goods before prices escalate. Investors remain on edge, with U.S. stock markets shedding nearly $5 trillion in value since February.
