U.S. President Donald Trump unveiled sweeping "reciprocal tariffs" on multiple countries during a speech in the White House Rose Garden on Wednesday, as he accused other countries of "ripping off" his country for decades.
"We will charge them approximately half what they are or have been charging us," he said, as he listed import tariffs to the U.S. for certain areas. The EU will face a 20% tariff. Japan must pay 24%.
"This is one of the most important days, in my opinion, in American history. It is our declaration of economic independence. Now it is our turn to prosper," he added.
He said the U.S. was "standing up for the American worker" with these new steps.
"Our country and its tax payers have been ripped off for 50 years but it is not going to happen anymore," Trump added.
Trump held up a chart while speaking, showing the United States would charge a 34% tax on imports from China, a 20% tax on imports from the European Union, 25% on South Korea, 24% on Japan and 32% on Taiwan.
The new tariffs - coming on what Trump has named "Liberation Day” - are a bid to boost U.S. manufacturing and punish other countries for what he says are years of unfair trade practices. But by most economists’ assessments, the risky move threatens to plunge the economy into a downturn and mangle decades-old alliances.
The sweeping duties would erect new barriers around the world's largest consumer economy, reversing decades of trade liberalization that have shaped the global order. Trading partners are expected to respond with countermeasures of their own that could lead to dramatically higher prices for everything from bicycles to wine.
"It's our declaration of independence," Trump said at an event in the White House Rose Garden.
U.S. financial markets have been unsettled in anticipation of Trump’s tariff announcement. Trump insists the moves will strengthen the U.S. economy, even as many experts worry it could lead to higher prices for most American consumers.
Among those in attendance included Secretary of State Marco Rubio, Health and Human Services Secretary Robert F. Kennedy, Defense Secretary Pete Hegseth, Education Secretary Linda McMahon, Veterans Affairs Secretary Doug Collins, Transportation Secretary Sean Duffy, Housing and Urban Development Secretary Scott Turner, Commerce Secretary Howard Lutnick, Environmental Protection Agency administrator Lee Zeldin and Tulsi Gabbard, the director of national intelligence.
The S&P 500 was virtually unchanged in late trading Wednesday, but only after careening between an earlier loss of 1.1% and a later gain of 1.1%. It’s had a pattern this week of opening with sharp drops only to finish the day higher.
The Dow Jones Industrial Average was up 31 points, or 0.1%, with an hour remaining in trading, and the Nasdaq composite was 0.3% higher. Both also veered from sharply lower in the morning to sharply higher in the afternoon and then doubled back.
