US President Donald Trump yesterday announced sweeping "reciprocal tariffs" on US trading partners, including a 32 percent tax on goods from Taiwan that is set to take effect on Wednesday.
At a Rose Garden event, Trump declared a 10 percent baseline tax on imports from all countries, with the White House saying it would take effect on Saturday.
Photo: Reuters
Countries with larger trade surpluses with the US would face higher duties beginning on Wednesday, including Taiwan (32 percent), China (34 percent), Japan (24 percent), South Korea (25 percent), Vietnam (46 percent) and Thailand (36 percent).
Canada and Mexico, the two largest US trading partners, already face 25 percent tariffs on many goods and would not face additional levies from yesterday's announcement.
The reciprocal tariffs do not apply to certain goods, including copper, pharmaceuticals, semiconductors, lumber, gold, energy and "certain minerals that are not available in the United States," according to a White House fact sheet.
Trump is also planning other tariffs targeting semiconductors, pharmaceuticals and potentially critical minerals, a White House official said.
The White House said the tariffs aim to address "the injustices of global trade, reshore manufacturing and drive economic growth for the American people," but economic experts have warned that the measures could spark a trade war, exacerbate inflation and disrupt international trade.
Hours after the announcement, the US Senate passed legislation that would terminate new tariffs on Canada.
The Senate voted 51-48 to approve the bill and send it to the House of Representatives, where it is likely to be shelved.
In a blow to Trump, four Senate Republicans teamed up with Democrats to advance the legislation.
The sweeping duties would erect new barriers around the world's largest consumer economy, reversing decades of trade liberalization that have shaped the global order.
Trading partners are expected to respond with countermeasures of their own that could lead to dramatically higher prices for everything from bicycles to wine.
US stock futures dropped sharply after the announcement, following weeks of volatile trading as investors speculated about how the incoming tariffs might affect the global economy, inflation and corporate earnings.
US stocks have erased nearly US$5 trillion of value since February.
The Ministry of the Interior (MOI) is to tighten rules for candidates running for public office, requiring them to declare that they do not hold a Chinese household registration or passport, and that they possess no other foreign citizenship. The requirement was set out in a draft amendment to the Enforcement Rules of the Public Officials Election and Recall Act (公職人員選舉罷免法 ) released by the ministry on Thursday. Under the proposal, candidates would need to make the declaration when submitting their registration forms, which would be published in the official election bulletin. The move follows the removal of several elected officials who were
The Republic of China (ROC) is celebrating its 114th Double Ten National Day today, featuring military parades and a variety of performances and speeches in front of the Presidential Office in Taipei. The Taiwan Taiko Association opened the celebrations with a 100-drummer performance, including young percussionists. As per tradition, an air force Mirage 2000 fighter jet flew over the Presidential Office as a part of the performance. The Honor Guards of the ROC and its marching band also heralded in a military parade. Students from Taichung's Shin Min High School then followed with a colorful performance using floral imagery to represent Taiwan's alternate name
FOUR DESIGNATED AREAS: Notices were issued for live-fire exercises in waters south and northwest of Penghu, northeast of Keelung and west of Kaohsiung, they said The military is planning three major annual exercises across the army, navy and air force this month, with the navy’s “Hai Chiang” (海強, “Sea Strong”) drills running from today through Thursday, the Ministry of National Defense said yesterday. The Hai Chiang exercise, which is to take place in waters surrounding Taiwan, would feature P-3C Orion maritime patrol aircraft and S-70C anti-submarine helicopters, the ministry said, adding that the drills aim to bolster the nation’s offshore defensive capabilities. China has intensified military and psychological pressure against Taiwan, repeatedly sending warplanes and vessels into areas near the nation’s air defense identification zone and across
COVETED PRIZE: The US president would be a peace prize laureate should he persuade Xi Jinping to abandon military aggression against Taiwan, William Lai said US President Donald Trump should get the Nobel Peace Prize should he be able to convince Chinese President Xi Jinping (習近平) to abandon the use of force against Taiwan, President William Lai (賴清德) told a conservative US radio show and podcast in an interview. The US is Taiwan’s most important international backer, despite the absence of formal ties, but since Trump took office earlier this year he has not announced any new arms sales to the nation. Trump could meet Xi at the APEC summit in South Korea on Oct. 31 and Nov. 1. Lai, speaking on The Clay Travis and Buck Sexton
RSS