USA President Donald Trump has announced a minimum 10% baseline tariff on all countries, including Ghana.
It will come into effect on 5 April.
President Donald Trump announced long-awaited reciprocal tariffs on America’s trading partners Wednesday. The U.S. will impose tariffs at about half what other countries do, with a minimum 10% tax. “We subsidize a lot of countries,” the president said. “We’re not taking it anymore.”
It’s a day of tariffs that President Donald Trump vowed would “make America wealthy again.”
Trump on Wednesday announced sweeping reciprocal tariffs with the U.S.’s trading partners, to be set at about half of what other countries are charging America. The U.S. will also impose a 10% minimum tariff, Trump said in a speech from the White House Rose Garden.
“They do it to us, we do it to them,” Trump said during the event, saying it was America’s turn to prosper.
As the president delivered his speech, he held up a sign dense with charts, and shared specific examples: China taxes the United States 67%—a number Trump said accounted for currency manipulation—so the United States will tax China 34%. The European Union’s total levies against the U.S. amount to 39%, so the U.S. will tax about 20%, Trump said. The U.S. will impose 25% on South Korea, 24% on Japan, and 32% on Taiwan.
“None of our companies are allowed to go into other countries,” he said. “I say that, friend and foe, and in many cases the friend is worse than the foe.”
Trump also reaffirmed that he would place 25% tariffs on foreign-made cars and parts, effective midnight. “We subsidize a lot of countries,” the president said, blaming the trade deficit for the U.S.’ debt problem. “We’re not taking it anymore.”
