US President Trump introduces 10% tariff on Peru and several Latin American nations
President Donald Trump has announced the imposition of a 10% tariff on imports from Peru and other Latin American countries, citing reciprocal trade measures and the need to protect U.S. interests
In a move that has raised eyebrows globally, President Donald Trump recently announced a significant tariff decision affecting several Latin American countries. The announcement was made during a conference at the White House, where Trump justified the new measure as a response to similar tariffs imposed on U.S. goods by these countries.
The decision comes amid growing tensions in international trade, as Trump seeks to adjust the terms of U.S. imports and exports. While the tariffs could have wide-reaching economic implications, the specifics of the plan have sparked debates both within the U.S. and abroad.
President Trump announces 10% tariff on Peru and Latin American countries
During a conference at the White House on "Liberation Day," U.S. President Donald Trump justified a new measure he announced, stating that several Latin American countries impose a 10% tariff on American products.
On April 2, Trump revealed the imposition of a 10% tariff on imports from Peru, Argentina, Brazil, Colombia, Chile, Ecuador, Guatemala, Honduras, the Dominican Republic, Costa Rica, and Nicaragua. This decision was part of a broader strategy to enforce "reciprocal" tariffs worldwide. Trump called the day "one of the most important" in U.S. history, referring to it as the country’s "economic independence declaration."
Trump explained the tariff as a response to these countries' own 10% tariffs on U.S. products. As a result, the U.S. will impose a 10% tariff on them. Additionally, countries like Venezuela and Nicaragua will face higher tariffs, with Venezuela being charged 15% and Nicaragua 18%.
It's important to note that Peru has a Free Trade Agreement (FTA) with the U.S., which might protect it from the ongoing "tariff war" initiated by Trump.
What are Trump's global tariff strategy plans?
This decision is part of Trump's broader strategy to apply a global 10% tariff on all imports. U.S. officials have also mentioned additional tariffs for countries that maintain high trade and fiscal barriers against American goods and services.
Trump emphasized that this move would lead to "unprecedented growth" and that the process would be "faster than expected." He explained that these tariffs are not fully reciprocal, but are "reciprocal in good faith." He also mentioned that if foreign governments wanted zero tariffs, they should manufacture products in the U.S., where there would be no tariffs.
According to the EFE agency, the specific tariffs for each country or economic bloc, including the European Union, will begin to take effect on April 9. Meanwhile, the general 10% tariff will begin on April 5.
Which are the other countries affected by Trump's tariff?
Other countries facing specific tariffs include:
- 20% tariff on the European Union
- 46% tariff on Vietnam
- 32% tariff on Taiwan
- 24% tariff on Japan
- 25% tariff on South Korea
- 36% tariff on Thailand
- 31% tariff on Sweden
- 32% tariff on Indonesia
- 24% tariff on Malaysia
- 49% tariff on Cambodia
- 30% tariff on South Africa
- 34% tariff on China
- 31% tariff on Switzerland
- 37% tariff on Bangladesh
- 17% tariff on the Philippines
- 29% tariff on Pakistan
- 44% tariff on Sri Lanka
- 18% tariff on Nicaragua
- 20% tariff on Jordan
- 15% tariff on Norway
- 44% tariff on Myanmar
- 28% tariff on Tunisia
- 27% tariff on Kazakhstan