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Trump unveils new tariffs, escalating global trade war: reports

02.04.2025 23:55
US President Donald Trump on Wednesday announced sweeping new tariffs, stepping up a global trade war as he declared a national economic emergency, news outlets reported.
US President Donald Trump.
US President Donald Trump.Photo: EPA/Samuel Corum

Trump said his administration would impose a 10-percent baseline tariff on all imports to the United States, with higher duties targeting some of the country's key trading partners, the Reuters news agency reported.

The move intensifies the trade war Trump reignited after returning to the White House in January, it said.

Broadcaster CNN said the tariffs were likely to increase costs for American consumers and could push the US economy into a recession.

Under the new measures, imports from the European Union will face a 20-percent tariff, CNN reported.

"It’s our declaration of economic independence," Trump said. "Jobs and factories will come roaring back into our country, and you see it happening already."

The universal 10-percent rate is set to take effect on April 5, with the higher rates following on April 9, leaving room for negotiations with countries subject to tariffs above the baseline, according to CNN.

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Source: CNN, IAR, PAP, Reuters