Donald Trump has announced a series of tariffs he calls “Liberation Day” tariffs, aimed at promoting U.S. economic independence. The tariffs, ranging from 10% to 54%, target various countries and regions, with the European Union facing a 20% tariff and China among the hardest hit with a 34% tariff (up to 54% when combined with existing tariffs). Some countries, like the UK, are hit with 10%, while others such as Vietnam and Cambodia face higher rates.
These tariffs are intended to encourage domestic manufacturing by making foreign goods more expensive. While American taxpayers will bear the costs, Trump argues that this will bring jobs and factories back to the U.S. The list includes nations as diverse as Taiwan, Japan, India, and even the uninhabited Heard and McDonald Islands.
