Washington: U.S. President Donald Trump on Wednesday announced a 10 percent "baseline" tariff for all countries and individualized "reciprocal" tariffs, including 25 percent duties on South Korea, in a broadening of his trade war, as he seeks to reduce America's trade deficits and bolster domestic manufacturing. During the "Make America Wealthy Again" event at the White House Rose Garden, Trump made the much-anticipated announcement.
According to Yonhap News Agency, Trump had been hyping up the date for the tariff announcement as "Liberation Day" in the United States while stressing that America has been "ripped off" by many countries, "friend and foe alike." The country-by-country reciprocal tariffs were customized based on trading partners' tariff- and non-tariff barriers as well as other factors, such as countries' exchange rate-related policies and practices, officials have said.