China firmly opposes this and will resolutely take countermeasures to safeguard its own rights and interests.

 On April 2, local time, US President Trump signed two executive orders on so-called "reciprocal tariffs" at the White House, announcing that the United States would set a "minimum benchmark tariff" of 10% on trading partners and impose higher tariffs on some trading partners.

 The statement said Trump would impose a "baseline tariff" of 10 percent on all countries, which will take effect at 0:01 a.m. Et on April 5. In addition, Trump will impose personalized higher "reciprocal tariffs" on countries with the largest U.S. trade deficits, which will take effect at 0:01 a.m. Et on April 9, and all other countries will continue to adhere to the original 10% tariff benchmark.

 Mr Trump displayed a large "reciprocal tariff" card showing which trading partners the US planned to tax and how much. Among them, the United Kingdom 10%, Brazil 10%, Australia 10%, the Philippines and Israel 17%, the European Union 20%, Japan 24%, Korea 25%, India 26%, South Africa 30%, Switzerland 31%, Indonesia 32%, Sri Lanka 44%, Vietnam 46%, Cambodia 49%...

 Some goods will not be subject to "reciprocal tariffs," including steel and aluminum products that are already subject to Section 232 tariffs, automobiles and auto parts, goods that may be subject to future Section 232 tariffs, and energy and certain other minerals that the United States does not have. In addition, gold bars, copper, pharmaceuticals, semiconductors and wood products are not subject to "reciprocal tariffs."

 The statement also said that for Canada and Mexico, USMCA compliant goods will continue to be exempted. Trump said the United States would calculate all tariffs, non-tariff barriers and other forms of combined tax rates for countries that pose a significant threat to the United States. The tariffs will not be exactly reciprocal, and the United States will charge these countries about half of the cost. China responds! Today (April 3), the spokesperson of the Ministry of Commerce made a statement on the announcement of reciprocal tariffs by the US side. China has noted that on April 2 Eastern Time, the US announced the imposition of "reciprocal tariffs" on all its trading partners. China firmly opposes this and will resolutely take countermeasures to safeguard its own rights and interests. The US claims that it is losing out in international trade and raises tariffs on all its trading partners on the pretext of "reciprocity". This practice ignores the balance of interests reached in multilateral trade negotiations over the years and the fact that the US has long benefited a lot from international trade. On the basis of subjective and unilateral assessment, the US has come up with the so-called "reciprocal tariffs", which is inconsistent with international trade rules and seriously undermines the legitimate and legitimate rights and interests of relevant parties. It is a typical unilateral bullying practice. Many trading partners have expressed strong dissatisfaction and clear opposition. History has proved that raising tariffs cannot solve the problems of the United States itself, which harms its own interests and endangers global economic development and the stability of the production and supply chain. There is no winner in a trade war and no way out for protectionism. China urges the US to immediately cancel unilateral tariff measures and properly resolve differences with its trading partners through equal dialogue. In fact, although Trump claims that the tariffs will help bring revenue to the US government and revitalize the US manufacturing industry, economists and business people warn that these tariff measures will push up prices, hurt the interests of US consumers and US companies, disrupt global trade, and harm global economic development. • European Commission President Ursula von der Leyen said the EU has a strong countermeasure plan and will hit back at U.S. tariffs if necessary. Von der Leyen also said that the broad imposition of tariffs by the United States would only make the international trade situation worse. • Canadian Prime Minister Mark Carney said on April 1 that Canada rejects all attempts to weaken Canada and will retaliate if the United States imposes additional tariffs on Canada. • Mexican President Simbaum said on April 1 that the US tariff policy will have a negative impact on the world economy and Mexico will take measures to protect its people and jobs. • On April 1, local time, Australian Prime Minister Albanese said that Australia will not make concessions to the United States, and there is no room for negotiation on relevant issues. In addition, after Trump signed an executive order on the afternoon of the 2nd announcing that the United States would impose "reciprocal tariffs" on trading partners, the main stock index futures of the New York stock market suffered a sharp drop in after-hours trading. Futures contracts on the Dow Jones Industrial average, S&P 500 index and Nasdaq Composite index were down 2.43%, 3.6% and 4.35%, respectively, as of 6:35 p.m. Et.

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