Trump Targets The World As More Tariffs Incoming
President Trump has now set his sights on the entire world after announcing sweeping tariffs of 10% or more on US Liberation Day.
Trump argues that these measures address trading imbalances, will protect American jobs and manufacturing, and will allow the US to economically flourish.
The UK is among the trading partners that will receive the 10% base tariff, along with countries such as Australia, Argentina, Brazil, New Zealand, Saudi Arabia and Singapore, which becomes effective on April 5th.
However, many countries, including Ireland as part of the EU, will receive specific customised tariffs from April 9th. Some of the tariff rates are highlighted below.
European Union: 20%
China: 54%
Japan: 24%
South Africa: 30%
Taiwan: 32%
Thailand: 36%
Vietnam: 46%
US Neighbours Canada and Mexico will not be subject to the new tariffs, having received specific attention previously.
The signing of this executive order has naturally been met with fierce opposition. EU leader Ursula von der Leyen suggests the measures are “a major blow to the world economy”, while China has already stated it will take “resolute countermeasures” against the US.
UK Prime Minister Keir Starmer has said “clearly there will be an economic impact” on the UK, but promises the government will respond with “cool and calm heads”.
Many economists are predicting the US will see a steep rise in the cost of living, with the tariffs expected to cost an average American household around $5,000 per year.
For further information, or to discuss shipments enroute, please do not hesitate to contact a member of the Atlantic Pacific team.
