US President Donald Trump on Wednesday announced a broad series of reciprocal tariffs that would impose a basic 10 percent tax on all imports and significantly higher rates on dozens of countries with which the United States has a trade deficit.
The sweeping tariffs, which have drawn mixed condemnation from many longtime US allies, which have been tagged with unexpectedly high tariff rates, promise to erect new barriers around the world’s largest consumer economy, reversing decades of trade liberalization that have shaped the global order.
In a statement from the White House Rose Garden, Trump described the move as a “declaration of economic independence” and promised to boost domestic manufacturing by leveling the playing field with foreign competitors.

Trading partners are expected to respond with their own countermeasures, which could lead to dramatically higher prices on everything from bicycles to wine.
After weeks of volatile trading, U.S. stock futures fell sharply after the announcement. Investors have wiped out nearly $5 trillion in value since mid-February.

The new tariff structure introduces a flat rate of 10 percent on all imports and higher rates on several major trading partners. At 49 percent, Cambodia faces the highest tariffs, followed by Vietnam at 46 percent, Sri Lanka at 44 percent and China at 34 percent. Trump also announced a 26 percent “reciprocal tariff” on imports from India.
Sri Lanka faces the world’s 6th highest tariff rates, with 25 percent of the island’s total exports currently going to the United States.
Trump said the “reciprocal” tariffs were a response to tariffs and other non-tariff barriers imposed on U.S. goods. He argued that the new taxes would boost manufacturing jobs at home.
Outside economists have warned that the tariffs could slow the global economy, raise the risk of a recession and increase the cost of living for the average U.S. family by thousands of dollars.

Canada and Mexico, the United States’ two largest trading partners, already face 25% tariffs on most goods and will not face additional taxes from Wednesday’s announcement.
Even some fellow Republicans have expressed concern about Trump’s aggressive trade policy. Within hours of Wednesday’s announcement, the Senate voted 51-48 to approve legislation ending Trump’s Canadian tariffs, with a handful of Republicans breaking with the president. However, passage in the Republican-controlled U.S. House of Representatives was considered unlikely.
Trump’s top economist, Stephen Miran, told Fox Business on Wednesday that the tariffs would work well for the United States in the long run, even if they create some fundamental disruption.
Tariff issues have already slowed manufacturing activity around the world, and have also boosted sales of cars and other imported goods as consumers rush to make purchases before prices rise.
European leaders have reacted with frustration, saying a trade war would hurt consumers and benefit both sides.

The move, part of Trump’s broader “Liberation Day” economic agenda, is seen as a key strategy to correct what his administration sees as unfair trade practices by imposing tariffs on U.S. products that match those imposed by other countries. However, economists warn that the move could lead to retaliatory measures and raise prices for American consumers already struggling with inflation.

Countries facing the highest tariffs (40 per cent and above):
 
Lesotho: 50 per cent (charges US 99 per cent)
 
Saint Pierre and Miquelon: 50 per cent (charges US 99 per cent)

Cambodia: 49 per cent (charges US 97 per cent)
 
Laos: 48 per cent (charges US 95 per cent)
 
Madagascar: 47 per cent (charges US 93 per cent)
 
Vietnam: 46 per cent (charges US 90 per cent)
 
Myanmar: 44 percent (charges US 88 per cent)
 
Sri Lanka: 44 per cent (charges US 88 per cent)

Falkland Islands: 41 per cent (charges US 82 per cent)
 
Syria: 41 per cent (charges US 81 per cent)
 
Moderate-to-high tariffs (20 to 39 per cent):
 
Iraq: 39 per cent (charges US 78 per cent)
 
Guyana: 38 per cent (charges US 76 per cent)
 
Bangladesh: 37 per cent (charges US 74 per cent)
 
Botswana: 37 per cent (charges US 74 per cent)
 
Reunion: 37 per cent (charges US 73 per cent)
 
Serbia: 37 per cent (charges US 74 per cent)
 
Thailand: 36 per cent (charges US 72 per cent)
 
Bosnia and Herzegovina: 35 per cent (charges US 70 per cent)

Tunisia: 28 per cent (charges US 55 per cent)
 
Kazakhstan: 27 per cent (charges US 54 per cent)
 
India: 26 per cent (charges US 52 per cent)
 
South Korea: 25 per cent (charges US 50 per cent)
 
Japan: 24 per cent (charges US 46 per cent)
 
Malaysia: 24 per cent (charges US 47 per cent)
 
Cote d’Ivoire: 21 per cent (charges US 41 per cent)
 
Namibia: 21 per cent (charges US 42 per cent)
 
European Union: 20 per cent (charges US 39 per cent)
 
Jordan: 20 per cent (charges US 40 per cent)

Low or standardised tariffs (10 to 19 per cent):
 
Nicaragua: 18 per cent (charges US 36 per cent)
 
Malawi: 17 per cent (charges US 34 per cent)
 
Philippines: 17 per cent (charges US 34 per cent)
 
Israel: 17 per cent (charges US 33 per cent)
 
Zambia: 17 per cent (charges US 33 per cent)
 
Mozambique: 16 per cent (charges US 31 per cent)
 
Venezuela: 15 per cent (charges US 29 per cent)
 
Nigeria: 14 per cent (charges US 27 per cent)
 
Equatorial Guinea: 13 per cent (charges US 25 per cent)

Cameroon: 11 per cent (charges US 22 per cent)
 
Argentina: 10 per cent (charges US 10 per cent)
 
Australia: 10 per cent (charges US 10 per cent)
 
Azerbaijan: 10 per cent (charges US 10 per cent)
 
Bahamas: 10 per cent (charges US 10 per cent)
 
Bahrain: 10 per cent (charges US 10 per cent)
 
Bolivia: 10 per cent (charges US 20 per cent)
 
Brazil: 10 per cent (charges US 10 per cent)
 
Chile: 10 per cent (charges US 10 per cent)
 
Colombia: 10 per cent (charges US 10 per cent)

Costa Rica: 10 per cent (charges US 17 per cent)
 
Dominican Republic: 10 per cent (charges US 10 per cent)
 
Ecuador: 10 per cent (charges US 12 per cent)
 
Egypt: 10 per cent (charges US 10 per cent)
 
El Salvador: 10 per cent (charges US 10 per cent)
 
Ethiopia: 10 per cent (charges US 10 per cent)
 
Georgia: 10 per cent (charges US 10 per cent)
 
Ghana: 10 per cent (charges US 17 per cent)
 
Guatemala: 10 per cent (charges US 10 per cent)
 
Haiti: 10 per cent (charges US 10 per cent)

Honduras: 10 per cent (charges US 10 per cent)
 
Iceland: 10 per cent (charges US 10 per cent)
 
Jamaica: 10 per cent (charges US 10 per cent)
 
Kenya: 10 per cent (charges US 10 per cent)
 
Lebanon: 10 per cent (charges US 10 per cent)
 
Morocco: 10 per cent (charges US 10 per cent)
 
New Zealand: 10 per cent (charges US 20 per cent)
 
Oman: 10 per cent (charges US 10 per cent)
 
Panama: 10 per cent (charges US 10 per cent)
 
Paraguay: 10 per cent (charges US 10 per cent)

Peru: 10 per cent (charges US 10 per cent)
 
Qatar: 10 per cent (charges US 10 per cent)
 
Saudi Arabia: 10 per cent (charges US 10 per cent)
 
Senegal: 10 per cent (charges US 10 per cent)
 
Singapore: 10 per cent (charges US 10 per cent)
 
Tanzania: 10 per cent (charges US 10 per cent)
 
Trinidad and Tobago: 10 per cent (charges US 12 per cent)
 
Turkey: 10 per cent (charges US 10 per cent)
 
UAE: 10 per cent (charges US 10 per cent)
 
Uganda: 10 per cent (charges US 20 per cent)
 
Ukraine: 10 per cent (charges US 10 per cent)
 
United Kingdom: 10 per cent (charges US 10 per cent)
 
Uruguay: 10 per cent (charges US 10 per cent)