Trump’s Liberation Day Tariffs: ‘They Charge Us. We Charge Them’

MARY CHASTAIN APR 2, 2025 5:17 PM

President Donald Trump announced reciprocal tariffs, which he believes will “Make America Wealthy Again.”

My friend sent me this great quote from Trump: “When we depended on tariffs only we had so much money the government formed a commission to determine what to do with all the money we had. Then in 1913 for reasons unknown to mankind they passed the income tax. And that ruined everything.”

Trump imposed a 10% baseline tariff but some countries face higher tariffs. From Fox Business:

• China: 67% tariffs and other trade barriers on U.S. goods; 34% reciprocal tariffs.
• European Union: 39% tariffs and other trade barriers on U.S. goods; 20% reciprocal tariffs.
• Vietnam: 90% tariffs and other trade barriers on U.S. goods; 46% reciprocal tariffs.
• Japan: 46% tariffs and other trade barriers on U.S. goods; 24% reciprocal tariffs.
• India: 52% tariffs and other trade barriers on U.S. goods; 26% reciprocal tariffs.
• South Korea: 50% tariffs and other trade barriers on U.S. goods; 25% reciprocal tariffs.

Now, I wonder if any of these tariffs will change because, as I wrote earlier, many countries have dropped tariffs, eliminated some, or lowered the tariffs.

We have a few exceptions:

Some goods will not be subject to the Reciprocal Tariff. These include: (1) articles subject to 50 USC 1702(b); (2) steel/aluminum articles and autos/auto parts already subject to Section 232 tariffs; (3) copper, pharmaceuticals, semiconductors, and lumber articles; (4) all articles that may become subject to future Section 232 tariffs; (5) bullion; and (6) energy and other certain minerals that are not available in the United States.

Concerning Canada and Mexico:

For Canada and Mexico, the existing fentanyl/migration IEEPA orders remain in effect, and are unaffected by this order. This means USMCA compliant goods will continue to see a 0% tariff, non-USMCA compliant goods will see a 25% tariff, and non-USMCA compliant energy and potash will see a 10% tariff. In the event the existing fentanyl/migration IEEPA orders are terminated, USMCA compliant goods would continue to receive preferential treatment, while non-USMCA compliant goods would be subject to a 12% reciprocal tariff.

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