US President Donald Trump announced last night the signing of an executive order imposing "reciprocal" customs duties, similar to those imposed by US trading partners on American products.
"In a few minutes, I will be signing a historic executive order to impose reciprocal tariffs on (imports from) countries around the world," Trump said in his speech from the White House.
"Reciprocal means that whatever they do to us, we do to them. It's very simple, it couldn't be simpler," the US President added, underlining that it is "one of the most important days in American history."
Regarding the automotive industry, President Trump announced the imposition of 25% tariffs on all imported cars and parts.
Escalating its aggressive tariff policy, it announced 20% tariffs on imports from the European Union and subsequently on imports from the following countries: China (34%), India (26%), South Korea (25%), Japan (24%), United Kingdom (10%), Vietnam (46%), Switzerland (31%), Cambodia (49%), South Africa (30%), Indonesia (32%), Brazil (10%), Singapore (10%). For imports from Taiwan, the tariffs will be 32%.
Moreover, US Treasury Secretary Scott Besant advised "all" governments at the international level on Wednesday to think before "retaliating" against the tariffs announced by President Donald Trump's administration, warning against "escalation".
"Restrain yourself, absorb the blow, wait and see how the situation develops. Because if you retaliate, there will be escalation," Mr. Besant warned.
Source: KYPE
