America taxes the whole world, declares "economic independence"

The administration of US President Donald Trump announced a 10% tax on all goods imported into the US, and higher rates for the largest trading partners, with Vietnam at 46%.

Speaking in the Rose Garden inside the White House on April 2, US President Donald Trump declared this to be one of the most important days in American history when he announced a series of new tax policies.

"April 2 will forever be remembered as the day American industry was reborn. For decades, our country has been taken advantage of by both allies and enemies," Mr. Trump said.

He added: "The United States cannot continue to have a policy of unilateral economic surrender. We cannot continue to pay deficits with Canada, Mexico and many other countries. We used to do that. We can't do that anymore. We take care of countries all over the world. We pay for their military. We pay for everything they should pay for. When we cut them, they get angry. But we have to take care of our people first."

Mr. Trump said "that is our declaration of economic independence". He said the US would use the revenue from tariffs to "reduce taxes and pay down the national debt".

With this argument, the White House owner announced that the US would impose a 25% tariff on imported cars and a reciprocal tariff on every country.

"That's why, starting at midnight tonight, we will impose a 25% tariff on all foreign-made cars," he said.

In addition, President Trump announced tariffs of at least 10% on almost all goods imported into the US, plus even higher tariffs on dozens of countries with the highest trade deficits with the US.

A group of about 60 countries will be taxed at half the rate they impose on the US. These reciprocal tariffs will take effect from April 9.

For example, Mr. Trump provided a chart showing that China imposes a 67% tariff on the US, so Washington will impose a 34% tariff on Beijing.

According to Reuters statistics, the new US tax rates for some countries and regions include: China (34%), European Union (20%), Japan (24%), South Korea (25%), Switzerland (31%), UK (10%), Malaysia (24%), India (26%), Brazil (10%), Indonesia (32%), Vietnam (46%), Singapore (10%), Ukraine (10%), Venezuela (15%).

Mr. Trump noted that countries that want to be exempted from the US's reciprocal tax policy should change their trade policies. "End tariffs, take down barriers, stop manipulating currencies and start buying tens of billions of dollars of American goods," he said.

He said the tariffs he announced would generate $6,000 billion in investment, marking the largest tax increase in US history.

However, experts explained that the taxes are actually paid by American businesses and consumers.

By signing two executive orders, including an order to impose a 25% tax on imported cars and a reciprocal tax of 10% to 49% on all imported goods, Mr. Trump affirmed that he was "making America rich again".

(Fox News)