Trump unveils global reciprocal tariffs

U.S. President Donald Trump holds a chart on reciprocal tariffs during an event at the White House Rose Garden in Washington, D.C., on April 2. (AFP/Yonhap)

U.S. President Donald Trump announced sweeping global reciprocal tariffs on all imports to the United States on Wednesday. The U.S. will impose a 10 percent baseline tariff on all imports, with higher rates for some nations.

The new tariff plan combines two concepts: a universal 10 percent tariff on all imports alongside what Trump calls reciprocal tariffs for some nations and the White House describes as “bad actors” on trade.

Alongside South Korea, major economies such as China, Japan, the European Union (EU), Taiwan, and Vietnam will face reciprocal tariffs that are much higher than the baseline.

Trump unveiled the tariffs during a speech at the White House, where he signed an executive order instituting the tariffs on countries throughout the world.

He declared that the era of American taxpayers being “ripped off” was over after decades of exploitation, saying that “our country and its taxpayers have been ripped off for more than 50 years, but it isn’t going to happen anymore.”

Among the country-specific tariff rates are 34 percent for China, 25 percent for Korea, 20 percent for the European Union, 46 percent for Vietnam, 32 percent for Taiwan, and 24 percent for Japan, according to the White House.

The sweeping trade action significantly escalates Trump’s tariff war as the United States imposes tariffs on all imports rather than targeting specific goods or nations. The move is expected to disrupt global trade with key economies, including the European Union, already vowing retaliatory measures.

For Korea, which relies heavily on exports, the 25 percent tariffs put it at a competitive disadvantage against Japan and the European Union, which face lower duties. The new U.S. tariff plan could force Korea to negotiate new trade deals with the United States as it also effectively nullifies the free trade agreement between Seoul and Washington.

Speaking at the White House, Trump showed a chart with some of the so-called reciprocal rates, saying that Korea charges a 50 percent tariff on the United States. The chart, however, marked Korea as “discounted reciprocal tariffs of 25 percent.”

The U.S. tariff plan comes at a time of heightened uncertainty for Korea amid a leadership vacuum and an intensifying global trade conflict.