News Summary

Author: Al Jazeera Staff
Published on: 02/04/2025 | 00:00:00

AI Summary:
Donald Trump unveils long-anticipated “reciprocal tariffs” in a move that is expected to shake up global trade relations. On Wednesday, Trump appeared in the White House Rose Garden to sign executive orders authorising the tariffs. He framed the tax hikes on foreign imports as a blow against unfair trade practices. Commerce Secretary Howard Lutnick charts some of the upcoming tariffs. China and Canada would remain under punitive tariffs, designed to bring them in line with Trump’s border security policies. All goods not covered under the US-Mexico-Canada free-trade agreement would face a 25-percent tariff, with the exception of energy products. Australia faces 10-percent tariffs from the Trump administration. Ireland’s Taoiseach Micheal Martin offers a broad message warning of the damage to both global trade relations and to US consumers. Canada, which was exempt from the so-called reciprocal tariffs, chimed in with its outrage. Experts say tariffs — a kind of import taxes — very often fall on the shoulders of consumers. Trump has framed his tariffs as a means of reducing trade deficits and bringing foreign manufacturing back to US shores. Opponents argue that it will take years for new factories to be established in the US.

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