Sweeping US tariffs will trigger a complete reorganisation, with no country spared significant imposts beginning at midnight US time.
A minimum 10 per cent will be applied to every exporter to the United States, including Australia, but even higher tariffs will be placed on other nations the US President Donald Trump believes have been “ripping us off” for years.
China will be hit with an additional 34 per cent tariff on top of the steep tariff already, while the European Union will be charged 20 per cent.
The US Trade Representative, in a 400-page report released Wednesday, detailed tariff and non-tariff barriers across 61 countries and Mr Trump, standing in the Rose Garden Wednesday afternoon (US time), held up a chart showing how 25 countries would be affected.
Developing countries, including Vietnam, Thailand, Indonesia and Malaysia are getting hit with tariffs ranging between 25 per cent and 46 per cent.
Hi-tech US allies have not been spared, with Mr Trump calling out Japan, Taiwan and South Korea for being beneficiaries of American largess when it comes to defence and technology transfer, allowing them to build up their own manufacturing base.
Taiwan, the centre of the semiconductor industry, is particularly hard hit with a 32 per cent tariff, while Japan and South Korea will receive tariffs of 24-25 per cent.
Mr Trump’s plan is clear. He sees a world where punitive tariffs on the global trading system will force manufacturers back to the US to “make America wealthy again”.
“For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike, American… workers watched in anguish as foreign leaders have stolen our jobs and foreign scavengers have torn apart our once beautiful American dream.,” Mr Trump said.
“Our country and its taxpayers have been ripped off for more than 50 years, but it is not going to happen anymore”.
Australia’s Free Trade Agreement, in force since 2005 has been thrown in the dustbin, now subject to a minimum 10 per cent tariff like all other nations.
The full details were not released during Mr Trump’s speech but Australian was featured.
“We’re also standing up for our great farmers and ranchers, who are brutalised by nations all over the world, brutalised.
“Australia… and they’re wonderful people, wonderful everything, but they banned beef,” Mr Trump said, referring to Australia’s strict rules on biosecurity.
“Yet we imported $3 billion of Australian beef from them just last year alone.
“They won’t take any of our beef. They don’t want it because they don’t want it to affect their farmers. And you know what? I don’t blame them, but we’re doing the same thing right now, starting at midnight tonight.”
More to come….
https://thewest.com.au/politics/world-politics/donald-trump-liberation-day-minimum-10-per-cent-tariffs-on-all-countries-including-australia-c-18248384
