U.S. president Donald Trump signed a regulation setting a minimum 10% basic work rate for goods from around the planet and additional duties for most another countries, including a 20% work on EU products. At the same time, it eliminated a gap allowing duty-free imports of low-value consignments. As he stated, this is 1 of the most crucial days in American history.
Trump signed at the end of 2 "historical" speeches of the Regulations: 1 establishing "cross-customs" for products from all countries and the another eliminating the alleged de minimis exception, allowing imports of goods worth up to $800 from China with customs omission. This gap formed the basis for Chinese e-commerce platforms offering inexpensive products from the PRC specified as Temu and Shein.
According to the White home and Trump announcements, they will enter into force at midnight east American time, i.e. at 6 am in Poland on Thursday.
For decades our country has been robbed, looted, raped; plundered by nations close and far, both friends and enemies
said Trump during a speech in the White home Rose Garden.
In a moment, I will sign a historical executive decree that introduces common duties on countries around the world. Same to you. That means they're doing this to us, and we're doing this to them. Very simple. It's as simple as that. This is 1 of the most crucial days, in my opinion, in American history. This is our declaration of economical independence.
“ He said.
The common duties will be around half of the full work rates and extra-customs trade barriers applied by another countries to the US," US president Donald Trump announced. This will mean, among another things, additional 20-percent duties on EU products and 34 per cent for Chinese goods.
We will calculate the full rate of all their tariffs, non-financial barriers and another forms of fraud
“Trump said, adding that since the United States is “very polite, the US-announced duties will represent half of the amount counted.”
He besides showed a table of duties imposed, listing rates for individual countries, including 34 percent for China, 20 percent for the European Union, 46 percent for Vietnam, 23 percent for Japan and 26 percent for India.
‘Finish your own fares”
He besides stated that the minimum rate of work for all another countries in the planet would be 10%.
.
To all abroad presidents, prime ministers, kings, queens, ambassadors and all others who will shortly call to ask for exceptions to these fares, I say: end your own tariffs, remove your barriers, do not manipulate your currencies
said Trump.
These tariffs will supply us with economical growth that we have never seen before, and watching it will be something truly special.
“He added.
In the coming days there will be complaints from globalists, outsourcers, interest groups and fake news (...) But let us never forget that all the predictions of our opponents regarding trade over the past 30 years have proved completely wrong
“He assessed.
When will the customs enter?
The basic 10-percent work on products from all countries will enter into force on 5 April, while the additional duties on goods from individual countries – 9 April – is due to a paper presented by the White House
As stated in the summary of the decisions taken by president Donald Trump, at midnight on 5 April the basic 10% work rate will enter into force for products imported from all countries, and on 9 April for countries with which the US has the largest trade deficits. This includes China and the European Union, which will be covered by 34% and 20% of the additional work respectively.
However, the fresh duties will not apply to Canada and Mexico, on which duties have already been imposed. These tariffs are to be exempted from steel, aluminium, cars and car parts, which are besides subject to separate 25% duties, as well as copper, medicines, semi-conductors and wood (these are to be additionally clapped in the future), as well as energy carriers and minerals not available in the US.
kk/PAP
