President Donald Trump has finally imposed his much-awaited second wave of tariffs, which may result in higher costs for a variety of products that Americans depend on.
Trump announced reciprocal tariffs on all nations that have imposed tariffs on US goods in an executive order he signed on Wednesday. The imposition of these duties coincides with Trump’s “Liberation Day,” which he has been promoting for weeks as the day his comprehensive trade plan would be unveiled.
“April 2, 2025, will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed, and the day that we began to make America wealthy again,” Trump said in a speech on Wednesday.
Trump said in his comments that he accused nations “about half” of what these countries made invoices in the United States. Trump said this will represent the 32% ratio for Chinese goods, a 20% tax rate for the European Union, 32% for Taiwan and 26% tax for India.
Trump also announced a 25% rate for all imported cars in the United States. He did not mention any new price in Canada or Mexico in his comment process.
In the previous weeks on April 2, Trump reported a series of prices he planned to make. They include 25% price for Canadian and Mexican goods, costing 25% of all cars and cars in the United States, agricultural goods prices and reciprocal prices for all countries have set prices for American products. The rate of 25% for imported steel and aluminum is effective.
These prices have the ability to increase the price of affected goods and although some companies can choose to absorb some costs, consumers are ready to bear the majority of the burden.
Before announcing Trump’s price, the White House wrote in a press release on Wednesday morning that the price “will level the game rules for workers and American companies”. However, the market and consumers have felt the financial strains due to constant uncertainty with Trump’s commercial plans.
