Trump shakes up global trade with sweeping import tariffs
Financial markets went down and international politicians are looking for a response after US president Donald Trump announced a long-promised steep rise in import tariffs on all goods to the US. For goods from the EU the new tariff will be 20 per cent, while for Chinese goods it will be 54 per cent. Other countries hope for negotiations but are ready to raise their tariffs on US goods in response.
Trump's announcement on Wednesday brought higher tariffs than many had hoped for. As of 5 and 9 April, depending on the country, almost all import tariffs will go up. They will be set at a minimum of 10 per cent. Trump's intention is to bring industrial activity back to the US and put a stop to globalisation.
He calls his tariffs "reciprocal", claiming other countries "tax" US goods far more than the US taxes theirs. For steel and cars the rate remains at 25 per cent, while computer chips and pharmaceuticals are exempt. For many countries the tariff is a lot higher.
The EU is preparing a new package of countermeasures to the recently announced US trade tariffs "if negotiations [with Washington] fail", European Commission president Ursula von der Leyen announced on early Thursday morning. She called the US import tariffs "a major blow" to the global economy.
'Extremely regrettable'
China and Japan are strongly opposed. Beijing is calling on Washington to "immediately withdraw" the tariffs and is asking for dialogue on the tariffs, which "endanger global economic development". Tokyo calls the move "extremely regrettable".
According to De Tijd, Flemish minister-preisdent Mathias Diependaele calls the tariff an "incomprehensible move". An initial calculation suggests that American consumers and companies would have to pay 5.5 billion euros in import duties on imports from Flanders due to the new tariffs, 5 billion more than before.
Flanders exported 26.4 billion euros of goods to the US in 2024. There are no other reactions from Belgian political leaders yet. Business leaders have expressed concern in recent days.
#FlandersNewsService | © PHOTO SMIALOWSKI / AFP
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