Top News

What to know about Trump's "Liberation Day" tariffs announcement

• President Trump announced new tariffs on Wednesday, which he dubbed "Liberation Day."
• Mr. Trump announced a 10% baseline tariff for all U.S. trading partners, to go into effect on April 5. He also announced more reciprocal tariffs against the "worst offenders," which will go into effect on April 9. 
• Tariffs have been a cornerstone of Mr. Trump's economic policy and have already been imposed on major trade partners including Canada and Mexico. 

See the list of reciprocal tariffs by country

President Trump on Wednesday announced so-called reciprocal tariffs on imports from about 60 nations, in addition to a 10% across-the-board tax applied to all imports to the U.S. Describing the announcement as "Liberation Day" the president said the new taxes are needed to erase a trade deficit between the U.S. and other countries, ranging from China to the European Union. 

The tariffs will be additive, meaning that imports will face both the universal tariff of 10% plus the specific reciprocal import levies targeting each nation.

The reciprocal rates will become effective at 12:01 a.m. on April 9. That's in addition to a baseline 10% tariff, which goes into effect at 12:01 a.m. on April 5. 

Here's the full list of President Trump's reciprocal tariffs

The reciprocal tariffs are paid by American businesses that import goods from these countries. Economists expect those businesses to pass off the new tariffs to American consumers, who could face higher costs on everything from iPhones (made in China) to coffee beans grown in Colombia.

Source : cbsnews