President Trump’s reciprocal tariffs on dozens of countries took effect on Wednesday.
The new duties were announced last Wednesday in a speech at the White House Rose Garden, and are in addition to the flat, 10 percent tariff the president placed on all global imports which began on Saturday.
According to the administration, the measure will correct longstanding global trade imbalances that have disadvantaged the U.S. and motivate companies to relocate their manufacturing operations back to the country.
Since Trump’s announcement, several countries have been angling for trade talks with the administration in the hopes of reducing the rates at which their exports will be taxed—including a 20 percent tariff on goods from the European Union; 25 percent on South Korean imports; and 24 percent on Japanese imports.
China, meanwhile, has responded with its own tariffs and vowed to “fight till the end,” raising concerns of a prolonged trade conflict.
This is a developing story and will be updated with additional information.
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