President Donald Trump announced plans to implement a 10 per cent baseline tariff on all imports into the United States, along with higher duties on select major trading partners. The move intensifies an ongoing trade war that began following his return to the White House.
According to a White House fact sheet, the new 10 per cent global tariff will not apply to goods from Canada and Mexico. However, existing tariffs — reaching as high as 25 per cent — will remain in place on many imports from those nations due to concerns over border security and fentanyl trafficking.
As Trump announced his ‘Liberation Day’ tariffs, world leaders reacted sharply to the move that has tumbled the markets.
Canadian PM Mark Carney vowed countermeasures, saying: “we are going to protect our workers”.
“(Trump) has preserved a number of important elements of our relationship, the commercial relationship between Canada and the United States. But the fentanyl tariffs still remain in place, as do the tariffs for steel and aluminum.”
“We are going to fight these tariffs with countermeasures, we are going to protect our workers, and we are going to build the strongest economy in the G7.”
Australian PM Anthony Albanese said: “It is the American people who will pay the biggest price for these unjustified tariffs. This is why our government will not be seeking to impose reciprocal tariffs. We will not join a race to the bottom that leads to higher prices and slower growth.”
Spanish PM said that Spain would “protect companies and workers and will continue to be committed to an open world”.
“The decision by the US tonight to impose 20 per cent tariffs on imports from across the European Union is deeply regrettable. I strongly believe that tariffs benefit no one. My priority, and that of the government, is to protect Irish jobs and the Irish economy,” Irish PM Micheal Martin said.
Italian PM Georgia Meloni said he would do everything to “avoid a trade war” with the US.
“We will do everything we can to work towards an agreement with the United States, with the goal of avoiding a trade war that would inevitably weaken the West in favour of other global players.”
