Trump Announces Reciprocal Tariff Rates (Live Updates)

Topline

President Donald Trump announced Wednesday the U.S. would impose “reciprocal tariffs” on U.S. trade partners based on the total cost of protective barriers and taxes they charge the U.S.—the most sweeping tariff package of his second term that had business and global leaders on high alert as details of the plan were largely unclear headed into the announcement.

Key Facts

Trump, in a highly anticipated Rose Garden address, titled “Make America Wealthy Again,” said he would sign an order that would impose “reciprocal tariffs . . . that means they do it to us and we do it to them.”

The rates will be “discounted,” Trump said, holding a chart that shows the total tax each country imposes on the U.S., alongside the tariff rate.

The tariff rate for China will be 34%, for example, with the European Union at 20% and Vietnam at 46%.

Trump spent the first 20 minutes of the address riffing about tariffs and other protective barriers U.S. trade partners impose, including limitations on American beef in Australia, American poultry in the European Union and Chinese tariffs on American rice farmers.

The president also confirmed a 25% tariff on all imported autos would take effect at midnight.

When Will The Tariffs Take Effect?

Immediately, White House press secretary Karoline Leavitt told reporters Tuesday. A 25% tariff on imported car parts is scheduled for no later than May 3.

What Tariffs Has Trump Already Imposed?

A 25% tariff on all products from Canada and Mexico not subject to the U.S.-Mexico-Canada trade agreement, a 10% additional tariff on Chinese imports and a 25% tariff on all steel and aluminum imports.

Key Background

Few details were known about Trump’s plans headed into Wednesday’s announcement, which he was “perfecting” just hours earlier, Leavitt told reporters Tuesday. Trump, on the campaign trail, had repeatedly floated a 20% universal tariff on all goods imported to the U.S., though he’s suggested more recently he would tax goods from other countries according to the levies they impose on U.S. products and has also proposed sector-specific tariffs. Treasury Secretary Scott Bessent said last month the tariffs would target the “dirty 15,” or the 15% of countries that account for the bulk of trade with the U.S. Trump is also expected to announce Wednesday he’d trigger 25% tariffs on all imports from Canada and Mexico that he threatened in March, then delayed for a month for products subject to the U.S.-Mexico-Canada trade agreement.

Further Reading

Here’s What To Know About ‘Liberation Day’—From Announcement Time To What Trump May Target (Forbes)