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US President Donald Trump has announced new import duties on all goods entering the US. In Trump's new announcement, 185 countries and territories have been targeted. Trump's new announcement is seen as the biggest upheaval in the international trade system since the Second World War.
The US will impose a retaliatory tax on imports from about 90 countries, while a 10 percent tax will be levied on all imports from other countries. According to Trump, the US will impose tariffs on about 60 countries, about 50 percent of the tariffs they impose on American products.
Trump announced 34 percent import duties on China, 26 percent on India, 25 percent on South Korea, 24 percent on Japan and 20 percent on the European Union. 46 percent customs duty on Vietnam and 32 percent on Taiwan has been announced. Nepal is on the list of countries where 10 percent customs duty is imposed.
According to President Trump's announcement, the 10 percent fee will be effective from April 5 and other fees will be effective from April 9. Describing the new tax announcement as a 'liberation day', Trump said the new tax policy was necessary to end the trade deficit between the US and other countries ranging from China to the European Union. "This is our declaration of economic freedom," Trump said.
Trump has declared a national emergency and claimed that America has been looted for five decades by friends and foes alike, near and far. "Today we are standing up for American workers and finally putting America first," Trump said.
