Several of Donald Trump's long-threatened tariffs are due to go into effect on the 2nd of April in what the U.S. President is calling Liberation Day.
It risks plunging the world economy into greater uncertainty as global trade wars heat up. CGTN correspondent Michael Voss reports.
#Trump #tariffs #tradewar
It risks plunging the world economy into greater uncertainty as global trade wars heat up. CGTN correspondent Michael Voss reports.
#Trump #tariffs #tradewar
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NewsTranscript
00:00The golden age of America begins right now.
00:05Tariffs form a central part of Donald Trump's political philosophy.
00:08He imposed them in his first term and was quick to announce a raft of new measures following
00:13his inauguration on January the 20th.
00:16Tariffs are not just about protecting American jobs, they're about protecting the soul of
00:23our country.
00:24On day two of the presidency, Donald Trump announced plans for a 25% tax on imports from
00:30Canada and Mexico, which he claimed was a response to the flow of the illegal drug fentanyl,
00:36as well as migrants from both countries.
00:39But the move has proved difficult to implement.
00:42The tariffs were introduced on February the 3rd, only to be postponed the next day.
00:47When they were reintroduced in March, Canada retaliated with $20 billion worth of tariffs
00:53on American goods, so two days later, President Trump postponed them again until April.
00:59Car imports are another target in a bid to boost domestic production and sales.
01:04A 25% tariff on all cars imported into the US was announced on February the 12th to come
01:10into effect in March, but that was later delayed until April the 2nd, with a tax on car parts
01:16postponed until May.
01:19A 25% tax on steel and aluminium imports was announced in February and did go into effect
01:25on March the 12th.
01:26The European Union retaliated with $28 billion worth of tariffs on US goods, but these had
01:32been postponed to give time for negotiations.
01:36Tariffs are taxes.
01:38They are bad for business and worse for consumers.
01:42Chinese exports are another major target.
01:45On February the 1st, the US imposed a 10% tax on all Chinese goods, accusing it of
01:50allowing fentanyl exports to the US.
01:53Beijing retaliated with $14 billion worth of its own tariffs on US LNG and agricultural
01:59equipment.
02:01In March, the US placed an additional 10% tax on Chinese imports, prompting further
02:06Chinese countermeasures, this time involving US food and agricultural products.
02:14If the US continues on this wrong path, then we will fight to the end.
02:21From April the 2nd, US tariffs will affect dozens of countries around the world, including
02:26Canada and Mexico, much of Europe, along with Japan, South Korea and China.
02:33The new tariffs coming in will include a 25% levy on all car imports, along with all goods
02:38from Mexico and Canada.
02:40They'll join existing tariffs on steel and aluminium, as well as Chinese imports.
02:46Further taxes on timber, semiconductors and pharmaceuticals could also follow.
02:52Now the world's waiting to see what further retaliation the US may face, while President
02:57Trump has warned that any such countermeasures will be met with even higher tariffs.
03:03The global trade wars are only just beginning.
03:06Michael Voss, CGTN.