WORLD NEWS FOR MONTENEGRO DIASPORA
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AUTHOR: M.J. GDNUS
President of the United States, Donald Trump, addressed a crowd of gathered officials and union members, declaring the day as the "Day of Liberation" for American industry. This event marks a significant shift in U.S. trade policy, as Trump announced an extensive new plan to introduce "reciprocal tariffs" on products from foreign countries. These tariffs will range from 10% to 49%, depending on the country, and are aimed at leveling the playing field for American businesses in the global market.
The Concept of Reciprocal Tariffs With this move, Trump introduced a new trade policy designed to reflect the tariffs that other countries impose on U.S. exports. The basic principle of this strategy is simple: the U.S. will impose tariffs that are roughly half the amount of the tariffs other countries charge on American products. As Trump explained during his speech, this policy aims to bring fairness to global trade by ensuring that the U.S. is not unfairly burdened with high tariffs while other countries benefit.
To illustrate his point, Trump presented a chart showing the tariffs that various countries impose on U.S. exports. For instance, he highlighted that China currently imposes a 67% tariff on U.S. products. In response, the U.S. will impose reciprocal tariffs of 34% on Chinese products. Similarly, the European Union, which Trump claimed imposes a 39% tariff on U.S. exports, will face a 20% tariff on its products entering the U.S.
Tariffs by Country The chart Trump presented included a detailed overview of the tariffs to be imposed on products from various countries. These tariffs will vary in percentage depending on the existing trade imbalance between the U.S. and each country:
Thailand: 36%
India: 26%
Japan: 24%
Vietnam: 46%
China: 34%
European Union: 20%
Taiwan: 32%
Serbia: 37%
South Korea: 25%
Cambodia: 49%
Trump's message was clear: the U.S. will no longer accept unfair trade practices, and these tariffs are necessary to correct global trade imbalances that, according to him, have led to the decline of American industries.
EU's Reaction The European Union, one of the major trade partners of the U.S., will be one of the most affected by these new tariffs. European Commission President Ursula von der Leyen is expected to make a statement the following day, outlining the EU's stance on the new tariffs. Trump's declaration has already raised concerns among global leaders, with many predicting retaliation, especially from countries that will lose access to the U.S. market under the new policy.
Trump’s Vision for American Industry President Trump emphasized the broader implications of these tariffs, declaring that April 2, 2025, would be remembered as the day of "the rebirth of American industry." He criticized decades of trade imbalances, accusing foreign countries of "plundering, robbing, raping, and stealing" from the American economy. According to Trump, the new tariffs represent a historic step in reversing this trend and revitalizing American manufacturing.
In line with his usual rhetoric, Trump warned that there would likely be resistance from "globalists," "outsourcers," and "special interests" who would oppose the new policy. He also made it clear that world leaders who wish to avoid these reciprocal tariffs would have to adjust their trade policies. "Stop your own tariffs, remove barriers, don't manipulate your currencies," Trump appealed, "and start buying tens of billions of dollars worth of American products."
The introduction of reciprocal tariffs is expected to have far-reaching consequences for global trade. While Trump's supporters argue that the policy will help make trade fairer and protect American jobs, critics worry it could lead to trade wars and retaliatory measures from other countries.
Live Updates:
22:53 Announced Tax Relief
"Now we will introduce the biggest tax cuts in American history. And we are counting on Mike and John Tuna," Trump said, referring to House Speaker Mike Johnson and Senate Majority Leader John Tuna.
"We will not reduce benefits for Social Security, Medicare, or Medicaid," he added.
Republicans are trying to pass an extension of tax cuts that would reduce federal revenues by about $4.5 trillion over the next decade, while cutting around $2 trillion in costs during that period.
22:50 Market Decline
Futures on U.S. stock markets are falling as Trump intensifies the trade war with reciprocal tariffs. Futures within the S&P 500 index fell 1.7%, suggesting large losses when Wall Street opens on Thursday.
Futures within the Nasdaq index, which reflects technology companies like Apple, Nvidia, and Microsoft, fell nearly 2%.
22:41 Trump: We Can’t Keep Doing What We Did for the Last 50 Years
The U.S. president said he understood the concerns of any country worried about its economy but stated that it's time for the U.S. to focus on itself.
22:36 Trump: Apple Will Spend Money Here
Speaking about investments, Trump mentioned Apple, announcing it would invest in the U.S.
"It has already started. Work has already begun on factories across the country. And you see, it started before. These are big, rich companies. It started with $61 billion, on a huge factory being built. But it will be announced in the next two days. And work has already begun," he said.
22:35 Possible Exemptions
Trump said that world leaders who want an exemption from his "reciprocal tariffs" need to change their trade policies.
"Stop your own tariffs, remove barriers, don’t manipulate your currencies, and start buying tens of billions of dollars worth of American products," Trump urged.
22:34 Market Reaction
Prices for S&P 500 E-mini futures fell 0.4%, while Nasdaq futures fell 0.5%.
22:26 Trump Presents a List of Countries
Trump presented a list of countries and commented on trade relations with them.
"Taiwan took our chip production," he said, speaking about the tech industry.
He announced that he would introduce "reciprocal tariffs" for all countries, which would be "about half" of what they charge the U.S.
Showing the chart to the audience, he pointed out that China "charges" the U.S. a 67% tariff, so the U.S. will impose a 34% tariff on China.
22:24 "Because We Subsidize Other Countries, That’s Why We Have Large Deficits"
"We subsidize many countries and keep them going, helping them stay in business," Trump said about trade partners, specifically mentioning Mexico and Canada. "Why do we do this? I mean, at what point do we say you need to fight for yourselves?"
"That’s why we have large deficits. That’s why we have such huge debt that has been placed on our backs over the last few years, and we really can’t take it anymore."
22:22 Trump: Our People Come First
"We must first take care of our people. America first," Trump said, adding that it would have been a great damage if his predecessor Joe Biden's term had lasted another year.
22:16 Tariffs Go into Effect at Midnight
The tariffs Trump is introducing will go into effect at midnight. These include a 25% tariff on all vehicles produced abroad.
22:07 Trump: The Day American Industry Was Reborn
"April 2, 2025, will forever be remembered as the day American industry was reborn," Trump started.
"For decades, our country has been plundered, devastated, raped, and robbed by nations both near and far," he added.
22:02 Trump Begins His Speech
"This is one of the most important days in American economic history," Trump said, announcing that this would bring the U.S. into a "golden age."
22:01 Sheinbaum: This is Not a Matter of "If You Impose Tariffs, I Will Impose Them Back"
As Donald Trump prepares to announce details about tariffs, the world is closely watching the situation.
In Mexico, where some avocado producers in Michoacán had suspended work ahead of the announcement, President Claudia Sheinbaum told The New York Times that her government would announce its response tomorrow, but that it does not plan to retaliate with reciprocal measures.
"This is not a matter of 'if you impose tariffs, I will impose them back,'" Sheinbaum said. "Our interest is strengthening the Mexican industry."
In Canada, Member of Parliament Taylor Bieker from Fort St. James in British Columbia told CNN that people who depend on the softwood lumber industry are "very concerned about what today's announcement will mean." He added that Canadian officials are considering how to introduce "appropriate tariffs that will have an impact but with minimal harm to our economy, workers, and jobs in Canada."
In the U.S., a new survey from Marquette University's Law School showed that more than half of Americans believe the tariffs will harm the economy and increase inflation. This news comes at a time when a new analysis released by the Anderson Economic Group in Michigan indicates that tariffs on automobiles could increase the price of imported vehicles by as much as $20,000.
