World leaders react with disappointment to Trump's sweeping reciprocal tariffs
CBSN
In a move that could upend American foreign relations across the globe, President Trump announced Wednesday that he is instituting what he described as "reciprocal tariffs" on all U.S. trading partners.
The tariffs, which will take effect April 9 on approximately 60 nations, will consist of a baseline tariff of 10%, while those countries that, according to the Trump administration, currently impose import taxes on U.S. goods would also be hit by an additional tax.
For example, imports from Egypt, the U.K., Ecuador and the United Arab Emirates will be slapped with just the baseline 10% reciprocal tariff, while goods coming in from the European Union will face a 20% tariff, Taiwan a 32% tariff, China 37%, and Cambodia with the highest reciprocal tariff of 49%.
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President Trump has argued his new tariffs will help reverse the long decline of U.S. manufacturing, pointing to the loss of "90,000 factories" since the North American Free Trade Agreement took effect in 1994.
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Many U.S. small businesses could face a financial crunch as President Trump's reciprocal tariffs take effect on Wednesday, slapping new import duties on products from almost every nation across the globe.
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