US President Donald Trump on Wednesday announced a 10 per cent baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States. While announcing the sweeping tariffs, he said the US has been looted, pillaged, raped, plundered by other nations. The aggressive rhetoric from the US administration comes as Trump showed a willingness to dismantle a global economic system that the United States helped to build after World War II.
Trump held up a chart while speaking, showing the United States would charge a 34 per cent tax on imports from China, a 20 per cent tax on imports from the European Union, 25% on South Korea, 24 per cent on Japan and 32 per cent on Taiwan.
Apart from this, Trump also promised that factory jobs will return to the United States as a result of the taxes, but his policies risk causing a sudden economic slowdown as consumers and businesses could face sharp price hikes on autos, clothes and other goods.
Here’s how much countries will pay for trade deal with US
China: 34 per cent
European Union: 20 per cent
South Korea: 25 per cent
India: 26 per cent
Vietnam: 46 per cent
Taiwan: 32 per cent
Japan: 24 per cent
Thailand: 36 per cent
Switzerland: 31 per cent
Indonesia: 32 per cent
Malaysia: 24 per cent
Cambodia: 49 per cent
United Kingdom: 10 per cent
South Africa: 30 per cent
Brazil: 10 per cent
Bangladesh: 37 per cent
Singapore: 10 per cent
Israel: 17 per cent
Philippines: 17 per cent
Chile: 10 per cent
Australia: 10 per cent
Pakistan: 29 per cent
Turkey: 10 per cent
Sri Lanka: 44 per cent
Colombia: 10 per cent
