"For countries all over the world": Trump launches new tariff package
Washington (USA) - US President Donald Trump (78) is continuing his aggressive trade policy and is launching a new far-reaching tariff package.
He will introduce a system of reciprocal tariffs "for countries all over the world", the Republican said in the White House Rose Garden.
A trade war with the European Union now seems inevitable - the new punitive tariffs are likely to shake up the global economy.
"This day will go down in history as the day American industry was reborn, the day America reclaimed its destiny, and the day we began to make America rich again," Trump said.
This was one of the most important days in US history. The "golden age" of the USA is coming back.
Trump speaks of "day of liberation"
The Republican had advertised the day of the announcement in advance as a "day of liberation" and announced the imposition of reciprocal tariffs.
In principle, this means that the USA will raise its tariffs proportionately wherever it currently charges less than its trading partners.
Since returning to the White House, Trump has relied on tariffs on a grand scale - similar to his first term in office.
He has already imposed punitive tariffs on all aluminum and steel imports, imposed tariffs of 25 percent on imported cars and car parts , introduced increased tariffs on all goods from China and targeted his neighbors Canada and Mexico. The car tariffs in particular are hitting Europe and the German market hard.
Tariffs have consequences for consumers
An import duty works in a similar way to a tax. It must be paid by the importing company - in this case by the companies in the USA.
It is likely that the importing companies will not simply bear the higher costs themselves. They are likely to pass them on to consumers - prices will rise and inflation could be fueled again.
Trump's aim is to prevent US companies from importing products from abroad. This is intended to promote the USA as a production location in the long term.
As counter-tariffs are expected and exporting companies are likely to lose sales, this could lead to a decline in production and possible job cuts, which could have a negative impact on the economy as a whole.
An escalating trade conflict between the US and the EU will therefore also have a significant impact on German consumers.