President Trump has announced a 20 percent tariff on Jordan, calling these economic measures “Liberation Day” tariffs as part of a new trade policy initiative. The plan includes reciprocal tariffs based on costs imposed on American goods. A range of significant tariffs on various nations is included, alongside a potential 25 percent tariff on Canadian and Mexican imports, and a 25 percent tariff on imported cars.
On Wednesday, US President Donald Trump unveiled a 20 percent tariff on Jordan during his announcement dubbed “Liberation Day” tariffs. This move is part of a comprehensive effort to overhaul US trade policy, which Trump characterized as a significant step towards economic restructuring aimed at making Americans wealthier.
The implementation of these tariffs includes a concept of “discounted reciprocal tariffs,” wherein the US assesses the total costs that other countries impose on American goods. Trump described this announcement as the most expansive tariff plan released to date, intended to promote fairer trade conditions.
Tariff calculations for each country will reflect a “discounted” rate, which will align with the aggregate of existing tariffs and non-tariff barriers. Trump claims this approach, which effectively reduces overall tariffs imposed by these countries by about half, is equitable.
In a graphical representation of proposed tariff rates, Trump highlighted that Chinese imports would be subjected to a 34 percent tax, while imports from the European Union would incur a tax of 20 percent. Other significant rates include a 46 percent tariff on Vietnamese products, a 24 percent on Japanese goods, and a 26 percent tariff on goods from India. Some of these percentages surpass the initially suggested 20 percent tariff he had campaigned on.
All countries will face a baseline tariff of 10 percent, which is included in the aforementioned figures. Additionally, Trump expressed the potential for a 25 percent tariff on the majority of imports from Canada and Mexico, a decision he plans to implement shortly. He also noted that a 25 percent tariff on all imported vehicles would be enforced starting at midnight, adding further potency to his administration’s trade policies.
President Trump’s 20 percent tariff on Jordan marks a bold step in a broader recalibration of US trade policy, promoting reciprocal tariffs that aim to equalize trade barriers with other countries. This strategy, highlighted by steep proposed tariffs on numerous other nations, reflects a departure from previous trade norms, seeking to reinforce American economic interests. Through these measures, particularly in the automotive sector, the administration signals its commitment to aggressive trade reformation.
Original Source: en.royanews.tv
