Washington, D.C. – April 2, 2025.- In a move that marks a significant shift in U.S. trade policy, President Donald Trump has declared a national economic emergency and signed an executive order imposing a base tariff of 10% on virtually all imported goods. Additionally, Trump announced a set of reciprocal tariffs on dozens of countries, citing unfair trade practices and an urgent need to restore America’s manufacturing sector.

Speaking from the Rose Garden during an event titled “Make America Wealthy Again,” Trump argued that the United States has been systematically exploited by foreign nations, which, he claimed, impose barriers on American exports while benefiting from access to the U.S. consumer market.

Sweeping Tariffs Target Key Trading Partners

The new policy includes reciprocal tariffs that vary by country, with some of the highest levies imposed on Vietnam (46%), Bangladesh (37%), Cambodia (49%), and Sri Lanka (44%). Major U.S. trade partners like China (34%), the European Union (20%), Japan (24%), and South Korea (25%) were also hit with significant tariff increases. The full list of affected countries includes:

• China: 34%
• European Union: 20%
• South Korea: 25%
• India: 26%
• Vietnam: 46%
• Taiwan: 32%
• Japan: 24%
• Thailand: 36%
• Switzerland: 31%
• Indonesia: 32%
• Malaysia: 24%
• Cambodia: 49%
• United Kingdom: 10%
• South Africa: 30%
• Brazil: 10%
• Bangladesh: 37%
• Singapore: 10%
• Israel: 17%
• Philippines: 17%
• Chile: 10%
• Australia: 10%
• Pakistan: 29%
• Turkey: 10%
• Sri Lanka: 44%
• Colombia: 10%

A Response to America’s Trade Deficit

Trump justified the tariffs as a response to the U.S. trade deficit, which reached a record $1.2 trillion in 2024. While economists note that the trade deficit primarily reflects imbalances in goods rather than services—where the U.S. actually has a surplus—the administration has focused on rebuilding domestic manufacturing as a priority.

“The United States will no longer be taken advantage of,” Trump stated. “For too long, foreign nations have made it impossible for American workers and businesses to compete. That ends today.”

Global Markets React, Retaliation Expected

Markets reacted negatively to the announcement, with U.S. stock futures tumbling in after-hours trading. Investors fear that the tariffs will trigger retaliatory measures from key trading partners. The European Union, Mexico, Canada, China, Japan, and South Korea have already signaled their intent to respond with countermeasures.

The uncertainty surrounding U.S. trade policy has already led to business disruptions, with companies halting investment decisions and consumers facing the prospect of higher prices on imported goods.

Argentina Faces 10% Tariff on All Exports to the U.S. – The Minimum Rate Set by Trump

In a major shift in U.S. trade policy, President Donald Trump announced sweeping new tariffs on global imports, imposing a 10% base tariff on nearly all products entering the United States. Argentina, along with Brazil, Chile, and other Latin American nations, will face this minimum tariff rate, as part of Trump’s plan to enforce what he calls "reciprocal trade fairness."

A Precursor to a Global Trade War?

While Trump’s administration insists the tariffs are necessary to correct decades of trade imbalances, critics argue they could escalate into a global trade war. Economists warn that higher import costs may fuel inflation, disrupt supply chains, and hurt U.S. businesses reliant on foreign materials.

The announcement marks one of the most aggressive trade moves by the Trump administration, with long-term consequences yet to be seen. As global leaders weigh their responses, the world watches to see whether this policy shift will strengthen U.S. industry—or plunge international trade into deeper turmoil.