Trump sets 17% tariff on Philippine goods coming to America | INQToday

Summary

Starting April 9, the Philippines will face a 177% tariff on exports to the US as part of President Trump's Liberation Day tariff policy. The move is part of Trump's effort to address trade imbalances, with the US imposing higher tariffs on countries with significant trade deficits. The Philippines' exports are heavily impacted, while goods coming from the US will incur a 34% tariff. Despite an Annex indicating a slightly lower rate of 18%, the tariff strategy is expected to raise costs for average American families through higher prices and lower incomes.

Takeaways

• 😀 Philippine exports to the US will face a 177% tariff starting April 9 as part of Donald Trump's Liberation Day tariff policy.
• 😀 A table posted by Trump on social media indicates a 177% tariff on Philippine exports, while US goods will be subject to a 34% tariff.
• 😀 An annex issued by the White House states that the tariff on Philippine goods might be slightly higher at 18%.
• 😀 Trump emphasized the need to strengthen the international economic position of the US and protect American workers.
• 😀 Trump claims the US has been 'ripped off' due to importing more goods than it exports, fueling his decision for these tariffs.
• 😀 The US president announced individualized, reciprocal higher tariffs on countries with the largest trade deficits with the US.
• 😀 Other countries will face a standard 10% tariff, which will be effective starting April 5.
• 😀 Economists predict that average American families will bear the brunt of the tariffs through higher prices and reduced incomes.
• 😀 The tariffs are part of Trump's broader approach to address trade imbalances with major trade partners.
• 😀 This new tariff policy is in line with Trump's broader agenda of 'America First' and reshaping trade relations globally.

Q & A

What is the main change in tariffs announced by US President Donald Trump?

US President Donald Trump has announced a 177% tariff on Philippine exports to America, starting April 9 as part of his Liberation Day tariff policy.

What other tariff changes were mentioned in the announcement?

In addition to the 177% tariff on Philippine exports, a 34% tariff will be imposed on goods coming to the Philippines from America. An annex to Trump's statement mentions an 18% tariff on the Philippines.

What was the reasoning behind these tariff changes according to President Trump?

President Trump cited an urgent need to strengthen the international economic position of the US and protect American workers, claiming that America has been 'ripped off' due to importing more goods than it exports.

What is the baseline tariff rate for other countries under this policy?

All other countries will face a baseline tariff of 10%, effective April 5, according to Trump's announcement.

What does the term 'individualized reciprocal higher tariffs' refer to?

It refers to the specific higher tariffs that will be applied to countries with which the US has the largest trade deficits, as part of a strategy to balance trade relationships.

What is the expected economic impact of these tariffs on American families?

Economists in the US believe that average American families will bear the cost of these tariffs through higher prices on goods and potentially lower incomes.

When is the new tariff policy set to take effect?

The new tariff policy is set to take effect on April 9 for the 177% tariff on Philippine exports and April 5 for the baseline 10% tariff on other countries.

How are the tariff rates for the Philippines different from those for other countries?

The Philippines is facing a 177% tariff, while other countries are subject to a 10% baseline tariff. The Philippines also has an 18% tariff rate mentioned in an annex to Trump's statement.

What did Trump say about the trade deficit with the Philippines?

Trump's statement did not specifically mention the Philippines' trade deficit, but the policy targets countries with the largest trade deficits with the US.

Why is the tariff policy being called the 'Liberation Day' policy?

The policy is being referred to as the 'Liberation Day' tariff policy, though the specific reason behind this naming is not elaborated in the script. It may symbolize a shift in economic strategy aimed at achieving greater independence for the US economy.