US President Donald Trump has announced on Wednesday a sweeping set of new tariffs, including a 10 per cent mport tax on goods from Egypt, marking the latest escalation in his ongoing trade war with nations across the globe. The move, which forms part of a broader package targeting 65 countries, is designed to address the US growing trade deficit, which reached $918.4 billion in 2024. The decision to impose reciprocal tariffs comes as President Trump dubbed the move as "the Liberation Day," claiming that the new taxes will restore US manufacturing dominance and reduce trade imbalances with major global powers. The president unveiled the plan in the White House Rose Garden, where he painted a dramatic picture of the US economy's decline at the hands of foreign competitors. "For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike." Trump declared, while holding up a printed chart of countries and their new tariff rates. In addition to a baseline 10 per cent tariff on all imports to the US set to take effect on April 5, the reciprocal tariffs on imports from individual countries will take effect on April 9. The reciprocal rates will become effective at on April 9. This is in addition to a baseline 10 per cent tariff which comes into effect on April 5. The US had a trade deficit of $295.4 billion with China and $235.6 billion with the European Union in 2024, according to the Bureau of Economic Analysis. Trump's tariffs on these major trading partners were the most severe. China will face a hefty 34 per cent tariff, while the European Union faces a 20 per cent tariff. Background on Global Tariff Landscape While the tariffs on Egypt may seem relatively modest compared to other countries on the list, they reflect the broader wave of protectionist measures that are threatening to disrupt global trade flows. A document distributed to reporters included a list of 65 countries with calculated reciprocal rates, here's the full list of President Trump's reciprocal tariffs. Courtesy: US President Donald Trump via Truth Social Courtesy: US President Donald Trump via Truth Social Courtesy: US President Donald Trump via Truth Social Courtesy: US President Donald Trump via Truth Social Courtesy: The White House Courtesy: The White House Prev 1 of 6 Next For Egypt, the government has yet to respond to the decision, but analysts warn that the tariffs could hamper its export-driven industries, including textiles and agricultural products, which rely on access to the US market. Despite the seemingly low tariff on Egypt, industry analysts have warned that the US escalating tariff war could ripple through global supply chains, driving up costs for consumers and businesses alike. The situation remains fluid, with many countries already threatening retaliatory tariffs, raising concerns of a global economic slowdown. As the tariff measures go into effect next week, all eyes will be on how nations respond to Washington's unilateral moves and whether President Trump's ambitious plan to "make America wealthy again" will succeed or backfire in the form of a global trade war. Attribution: Newsweek, CNBC, CBS, Amwal Al Ghad English https://t.co/CdTzF2sfMZ — Donald J. Trump (@realDonaldTrump) April 2, 2025
