Trump announces implementation of 'reciprocal tariffs' measures, multiple trading partners say they will take countermeasures

According to Caixin News Agency, on Wednesday (April 2) Eastern Time, US President Trump signed two executive orders at the White House regarding so-called "equivalent tariffs," announcing the establishment of a "minimum benchmark tariff" of 10% for all trading partners and the imposition of higher tariffs on multiple trading partners. Trump said that the United States will impose equivalent tariffs on dozens of trading partners, and without tariffs, they will not be completely equivalent. The United States will charge these countries and regions about half of the comprehensive tax rate. Trump displayed a poster listing equivalent tariffs. The chart shows that the United States has implemented equivalent tariffs of 34% on China, 20% on the European Union, 10% on Brazil and the United Kingdom, 31% on Switzerland, 26% on India, 25% on South Korea, 24% on Japan, 32% on Indonesia, 36% on Thailand, 46% on Vietnam, and 49% on Cambodia. Senior White House officials have stated that the benchmark tariff rate (10%) will take effect in the early hours of April 5th, and equivalent tariffs will take effect in the early hours of April 9th. The tariff exemptions for goods under the USMCA will continue, and for goods that do not comply with the USMCA, tariffs will remain at 25%. Previously, multiple trading partners have stated that they will take countermeasures in response. Von der Leyen, President of the European Commission, said that the EU "holds a lot of cards" in the face of the new tariffs to be introduced by the Trump administration of the United States, and has formulated a strong counter plan, which will be implemented when necessary. Canadian Prime Minister Carney has stated that if Trump fulfills his promise of "reciprocal tariffs," Canada plans to implement countermeasures on US goods this week. Carney warned that the relationship between Canada and the United States has undergone fundamental changes, and Canada has "multiple measures to respond".