Few details of the announcement were known prior, creating anxiety among the business community and global leaders.
Topline
President Donald Trump announced Wednesday the U.S. would impose “reciprocal tariffs” on U.S. trade partners based on the total cost of protective barriers and taxes they charge the U.S. the most sweeping tariff package of his second term that had business and global leaders on high alert as details of the plan were largely unclear headed into the announcement.Key Facts
Trump, in a highly anticipated Rose Garden address, titled “Make America Wealthy Again,” said he would sign an order that would impose “reciprocal tariffs . . . that means they do it to us and we do it to them.”
The rates will be “discounted,” Trump said, holding a chart that shows the total tax each country imposes on the U.S., alongside the tariff rate.
