US President Donald Trump says it’s Liberation Day in America as he announced his sweeping new tariffs. The new measures took effect at midnight. Since taking office in January, Trump has imposed several of the measures.
US President Donald Trump has announced a 10 percent universal tariff on all imports into the country. This includes Barbadian exports to the American market. According to Mr. Trump, the tariff is in retaliation for the 10 per cent tariff now charged by Jamaica on U.S. imports.
The tariff means American consumers are likely to see an increase in the price of Jamaican goods sold on the U.S. market.
St. Lucia, Trinidad and Tobago, Grenada, Jamaica, The Bahamas, Belize, Suriname, St. Kitts and Antigua are among the Caribbean countries that will also see a 10% tariff applied to their exports.
Nearly 60 countries across the world have been hit with tariffs ranging from 10 per cent to as high as 49 per cent. China, countries in the European Union, Taiwan and Vietnam are among the hardest hit. It’s one of the most sweeping impositions of tariffs in U.S. history.
Trump says the tariffs are aimed at protecting American markets from unfair global trade practices. He’s projecting a resurgence in American manufacturing as a result of the sweeping tariffs.
