03.04.2025 01:10
U.S. President Donald Trump announced new tariffs on a number of countries. Trump's move came after the U.S. trade deficit reached an all-time high of $131.4 billion. Here are the countries with which the U.S. has a trade deficit...
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U.S. President Donald Trump announced global reciprocal tariffs during an event at the White House. Describing his announcement as an "economic independence declaration," Trump introduced comprehensive retaliatory tariffs.
34% TARIFF ON CHINA, 20% ON THE EUROPEAN UNION, 24% ON JAPAN, 26% ON INDIA, AND 10% ON THE UNITED KINGDOM
Trump, who stated that "the golden age of America is coming," held up a board showing the new rates applied to most countries and said that a 34% tariff would be imposed on China, 20% on the European Union, 24% on Japan, 26% on India, and 10% on the United Kingdom. Trump also announced that a 25% tax would be imposed on cars produced abroad.
ADDRESSING HEADS OF STATE
Trump, stating that "the U.S. can no longer continue a policy of unilateral economic surrender. We must look after our own people," said, "To all foreign presidents, prime ministers, kings, queens, ambassadors, and everyone else who will soon be calling to request exemptions from these tariffs, I say, end your tariffs, remove your barriers, and do not manipulate your currencies."
TRADE DEFICIT REACHED ALL-TIME HIGH
The event that led to Trump's move was the record-breaking trade deficit. According to data released by the U.S. Department of Commerce on March 3, the country's trade deficit increased by 34% month-on-month and 96.5% year-on-year in January. Thus, the trade deficit reached $131.4 billion in January, the highest level ever recorded.
COUNTRIES WITH WHICH THE U.S. HAS A TRADE DEFICIT
The trade deficit with China, one of the U.S.'s largest trading partners, was $29.7 billion in January, while the deficit with the European Union (EU) was $25.5 billion, with Mexico $15.5 billion, and with Canada $11.3 billion.
Other trading partners with which the U.S. had a deficit are as follows:
- Switzerland: $22.8 billion,
- Ireland: $12.4 billion,
- Vietnam: $11.9 billion,
- Germany: $7.6 billion,
- Taiwan: $7.5 billion,
- Japan: $7.4 billion,
- South Korea: $5.4 billion,
- India: $4.2 billion,
- Italy: $3.5 billion,
- Malaysia: $2.5 billion,
- Australia: $2 billion,
- Hong Kong: $1.4 billion,
- France: $1 billion,
- Singapore: $1 billion,
- Israel: $6 million,
- United Kingdom: $500 million,
- Saudi Arabia: $100 million
ONLY 3 COUNTRIES AND CENTRAL AMERICA HAD A TRADE SURPLUS
The partners with which the U.S. had a trade surplus were the Netherlands ($4.3 billion), Central American countries ($4.3 billion), Belgium ($6 million), and Brazil ($600 million).
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