WASHINGTON: President Donald Trump has announced sweeping new trade tariffs as part of his “Make America Wealthy Again” plan, and Pakistan is among the targeted countries.
Speaking from the White House Rose Garden, the US President announced 29 percent reciprocal tariff on all imports from Pakistan as part of punitive measures against 60 countries.
The tariffs take effect at midnight. All foreign countries face a baseline 10% tariff, but some will pay much higher rates.
Pakistan faces a 29% tariff. The reciprocal tariffs were for 44% for Sri Lanka. Bangladesh slapped with a 37 percent tariff. However, Trump spared India and Afghanistan from steep increases.
The reciprocal tariffs for some of the US’s major trade partners were 34% for China, 24% for Japan, 25% for South Korea, 20% for the EU, 32% for Taiwan, and 10% for the UK.
Speaking from the White House Rose Garden, Trump explained how the tariffs were calculated. He factored in existing tariffs and non-monetary barriers like currency manipulation.
Canada and Mexico remain under a 25% tariff. However, goods covered by the United States-Mexico-Canada Agreement (USMCA) get exemptions.
Key Trump Quotes:
- “In many cases, the friend is worse than the foe in terms of trade.”
- “We subsidize many countries, keeping them in business.”
- “At what point do we say, you have to work for yourselves?”
- “We are finally putting America first.”
- “Trade deficits are no longer just an economic problem. They are a national emergency.”
Trump displayed tariff charts during his speech. Most countries now face U.S. tariffs at about half of what they charge America. Some will pay the exact same rates they impose.
“This is not fully reciprocal,” Trump said. “It is kind of reciprocal.”
