WASHINGTON, April 2 (Xinhua) -- Amid widespread opposition, U.S. President Donald Trump on Wednesday signed an executive order on the so-called "reciprocal tariffs," imposing a 10-percent "minimum baseline tariff" and higher rates on certain trading partners.
All imports would be subject to 10 percent additional tariffs, except as otherwise provided, the executive order said. This will take effect on April 5.
Trump will impose an "individualized reciprocal higher tariff" on the countries and regions with which the United States "has the largest trade deficits," according to a White House document. This will take effect on April 9.
In his speech at the White House Rose Garden, Trump presented a chart on "reciprocal tariffs." The chart shows that different countries and regions face different tariff rates.
For example, China will face a 34-percent tariff, the European Union 20 percent, Vietnam 46 percent, Japan 24 percent, India 26 percent, South Korea 25 percent, Thailand 36 percent, Switzerland 31 percent, Indonesia 32 percent, Malaysia 24 percent, and Cambodia 49 percent.
Some goods will not be subject to the reciprocal tariff, including steel and aluminum, as well autos and auto parts already subject to Section 232 tariffs, copper, pharmaceuticals, semiconductors, and lumber, the White House noted.
Despite Trump's claim that higher tariffs will help bring in revenue for the government and revitalize U.S. manufacturing, economists have warned that such measures will push up prices for U.S. consumers and businesses, disrupt global trade, and hurt global economy.
