The US president said tariffs would return the country to the prosperity of previous centuries.
United States President Donald Trump signed an executive order establishing reciprocal tariffs on trading partners and a 10% baseline tariff on all imports from all countries.
The reciprocal tariffs will be set at roughly half the rate that US trading partners impose on American goods, Trump said. For instance, if China currently applies a 67% tariff on US imports, the US will respond with a 34% tariff on Chinese products. Trump also announced a flat 25% tariff on all automobile imports.
Trump told the media that tariffs would return the country to economic prosperity seen in previous centuries:
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