AUSTIN (KXAN) — President Trump announced sweeping new tariffs on imports from almost every country Wednesday.
A base “reciprocal” tariff of 10% will be imposed on most countries beginning Saturday, but rates are higher for places that Trump says are the “worst” offenders when it comes to trade — including major trading partners like the European Union, China and Japan.
“Our country and its taxpayers have been ripped off for more than 50 years, but it’s not going to happen anymore,” Trump said in a speech announcing the tariffs Wednesday.
The 10% base tariff will be imposed on 123 countries and territories, while 60 will pay more. Thirty-two trading partners will have tariffs of at least 30%, with Lesotho and Saint Pierre and Miquelon paying the highest — a 50% tariff.
Some countries are not included in the new round of tariffs, including Canada and Mexico, which are already facing 25% tariffs on most goods that Trump announced last month.
Other countries already subject to U.S. sanctions, such as Russia, North Korea and Belarus, are also exempt from the new tariffs. A White House official said existing sanctions mean the U.S. already has very little trade with those countries.
