Donald Trump unveils global reciprocal tariffs, including 10% on imports from Australia
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More news: The White House has released a fact sheet outlining a national emergency declaration over the US trade deficit, invoking emergency powers to impose the new tariffs.
The fact sheet outlines steps for "taking back our economic sovereignty", "reprioritising US manufacturing" and "addressing trade imbalances". The document says the new tariff action "simply asks other countries to treat us like we treat them", describing this as "the golden rule for our golden age".
Trump spares Canada, Mexico from new tariffs; Australia gets 10% baseline
More news: Donald Trump’s reciprocal tariffs include an exception for Canada and Mexico, while imposing a 10% baseline tariff on all imports and sharply higher rates for key countries like China and Vietnam.
Trump said his executive order implementing the tariffs will include a 34% tariff on China, 24% on Japan, 46% on Vietnam and 20% on the European Union. Australian imports will get the base rate of 10%.
Canada and Mexico are already subject to separate 25% tariffs linked to drug trafficking and illegal migration, which will stay in place. While those measures remain, the two countries will be excluded from the new tariff regime, according to reports.
Trump reiterated a 25% tariff on foreign-made cars, with exemptions for USMCA countries.
The plan triggered market drops, with S&P 500 futures down 1.5% and Nasdaq 100 contracts falling 2%. Oil prices also declined, while the Mexican peso rose 0.8% and the Canadian dollar gained 0.5%.
What they said: Trump described the US as “kind” for charging a “discounted reciprocal tariff,” holding up a chart that listed the tariffs “including currency manipulation and trade barriers” he said other countries impose on the US.
"We will establish a minimum baseline tariff of 10%. You'll notice that on the chart," Trump said. That will help "rebuild our economy and to prevent cheating," he said.
Trump announces 10% tariffs on Australian imports
More news: The White House says the US will impose 10% tariffs on Australia as part of a rollout of reciprocal tariffs on countries around the world. The tariffs for each country were announced on X by the official White House account.
Donald Trump also singled out Australian beef exports while announcing the tariffs, saying Australia "won’t take any of our beef".
Donald Trump unveils global reciprocal tariffs, flags Australian beef ban
The news: US President Donald Trump has said Australian beef imports will be targeted as he announced reciprocal tariffs on countries throughout the world at an ceremony in the Rose Garden of the White House.
Trump said 2 April was a historic day that would be remembered as “the day we began to make America wealthy again”.
The numbers: The US will charge a 34% tariff rate on China, 20% to the European Union, 10% to the UK and 17% to Singapore, he said.
The context: Mentioning a range of countries and their tariffs, Trump said Australia's beef exports to the US would be among those triggering reciprocal tariffs.
"Australia bans - and they're wonderful people and wonderful everything - but they ban American beef, yet we imported USD3 billion of Australian beef just last year alone. They won't take any of our beef, they don't want it because they don't want it to affect their farmers. And I don't blame them, but we're doing the same thing right now, starting midnight tonight, I would say," he said.
What they said: "Our country has been looted pillaged, raped and plundered by nations near and far, both friends and foe alike,” he said, building suspense as he withheld details of his new tariff regime," Trump said.
He added that because of the new tariff regime, "jobs and factories will come roaring back into our country."
"We are going to produce the cars and chips, aeroplanes, minerals and medicines that we need here in America."
The source: White House
