The White House has announced significant tariff increases on various goods imported from countries labeled as the “worst offenders” in global trade practices. On April 5, US officials will implement a new 10% tariff on certain goods. Even higher duties are to come, scheduled to go into effect on April 9. This step undeniably reflects the U.S. government’s seriousness to address harmful unfair trade practices. Its purpose is to promote the welfare of American workers and their industry.
In reality, the tariffs will end up being very different based on where something comes from. The European Union, China, Vietnam, and Lesotho—on the short list of the worst offenders—would see dramatic increases in the cost of their imports. Goods coming from the European Union will be subject to a new rate of 20% from now on. At the same time, goods supplied from China will be subject to an enormous new cost of 34%. Japan’s goods will face a 24% tariff and India’s goods will see a 26% tariff.
Lesotho comes in at the highest, with a tariff of 50%. Vietnam is a distant second with an average tariff of 46%. This approach hits smaller countries particularly hard. Through this plan, the administration seeks to punish countries it suspects of subverting the principles of free and fair trade.
President Donald Trump often characterized this move along with a host of other economic protectionist measures as an important step to achieve economic independence for the United States.
“Today we are standing up for the American worker and we are finally putting America first,” – President Donald Trump.
We commend the administration for their courage in imposing a new 10% tariff on British imports. This change is one piece of a wave of far-reaching reforms. With this approach, the White House is signaling strong intent to recast international trade dynamics even more to the benefit of American interests.