President Donald Trump on Wednesday unveiled a sweeping new trade offensive aimed at rebalancing America’s trade relationships, calling it “our Declaration of Economic Independence.”
“April 2nd, 2025 will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed,” Trump said.
The centerpiece of Trump’s announcement is a new reciprocal tariff structure that will apply to imports from trading partners, set at half the tariff rate they impose on U.S. goods.
Trump called April 2 “one of the most important days in American history,” likening the move to a declaration of economic independence.
He stated previous administrations had “ripped off taxpayers for over 50 years” by allowing foreign nations to flood the U.S. with goods while blocking American exports.
How Will Reciprocal Tariffs Work?
While full reciprocity was floated, Trump said the plan would cap U.S. retaliation at 50% of what foreign nations charge.
This includes non-monetary barriers — such as VAT taxes, product bans, subsidies, and technical restrictions — in tariff calculations.
“They manipulated their currencies, subsidized exports, stole our intellectual property, imposed exorbitant VAT taxes, and created filthy pollution havens,” Trump said.
For instance, Japan, which he said imposes tariffs as high as 46% on some goods, would now face U.S. duties of around 24%. India’s 52% rate would translate to a 26% U.S. tariff.
“To all of the foreign presidents, prime ministers, kings, queens, ambassadors and everyone else who will soon be calling to ask for exemptions from these tariffs,” he said,
“I say terminate your own tariffs. Drop your barriers. Don’t manipulate your currencies,” Trump said.
New US Reciprocal Tariffs By Country
| Tariffs Charged to the U.S. | New Discounted Reciprocal Tariffs | |
| China | 67% | 34% |
| European Union | 39% | 20% |
| Vietnam | 90% | 46% |
| Taiwan | 64% | 32% |
| Japan | 46% | 24% |
| India | 52% | 26% |
| South Korea | 50% | 25% |
| Thailand | 72% | 36% |
| Switzerland | 61% | 31% |
| Indonesia | 64% | 32% |
| Malaysia | 47% | 24% |
| Cambodia | 97% | 49% |
| United Kingdom | 10% | 10% |
| South Africa | 60% | 30% |
| Brazil | 10% | 10% |
| Bangladesh | 74% | 37% |
| Singapore | 10% | 10% |
| Israel | 33% | 17% |
| Philippines | 34% | 17% |
| Chile | 10% | 10% |
| Australia | 10% | 10% |
| Pakistan | 58% | 29% |
| Turkey | 10% | 10% |
| Sri Lanka | 88% | 44% |
| Colombia | 10% | 10% |
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