Trump officially announces heavy tariffs on imports from various countries.
According to Al Jazeera, US President Donald Trump announced in his speech that his country has begun a new era and has regained its economic independence.
He claimed that in the past 50 years, many countries have plundered America and stolen jobs from this country, but this process will stop forever from today.
Referring to the new economic policies, Trump promised to make his country rich again and bring jobs and factories back to the United States.
He announced the imminent signing of an executive order to impose reciprocal customs tariffs, saying that from now on, the United States will impose the same level of tariffs on imported products that other countries impose on American goods.
Trump claimed that these measures would make America greater than ever and would reduce prices for consumers.
The US President stated that the current US tariffs on foreign cars are only 2.5%, while the European Union imposes a 10% tariff on American cars.
He said that starting at midnight, the US government would impose a 25% tariff on all imported cars.
Criticizing past economic policies, he said: Foreign crooks and thieves have looted American factories and destroyed the American dream.
Trump added: Hardworking American citizens have had to watch as other countries have grown rich and powerful, but now is the time for America to prosper again and attract trillions of dollars in capital.
The US President also thanked US domestic car manufacturers and emphasized that the new policies will lead to increased domestic production, stronger competition and lower prices.
He considered this day one of the most important days in American history and described it as a turning point on the path of his country’s economic independence.
He announced that China is imposing a tariff of 65 percent on rice produced by American farmers.
Trump also stated that the United States provides $300 billion in trade support annually to various countries, including Mexico, and about $200 billion to Canada.
He said that the American people are paying a heavy price because of the tariffs imposed on American goods.
The US President announced that the United States can be richer than other countries, but this requires intelligence.
He said that the US only imposes a 2.8 percent tariff on many goods, while other countries have imposed tariffs of between 200 and 400 percent on American goods.
Trump warned that the United States can no longer continue the policy of unilateral economic surrender, adding that the US should not make up for the budget deficits of Canada, Mexico and many other countries.
He announced that the reciprocal tariffs would not be fully implemented, but the United States would hold countries that had treated it unfairly accountable.
The US president stressed that Washington would impose a 34% tariff on imports from China, 26% on imports from India, 32% on imports from Taiwan and 30% on imports from South Africa.
He also announced that based on the tariffs imposed, a 10% tariff would be imposed on imports from the UK, Brazil, and Singapore, a 32% tariff on imports from Indonesia, a 49% tariff on imports from Cambodia, and a 24% tariff on imports from Japan.
Trump also warned that the chronic trade deficit was no longer just an economic problem, but had become a national emergency that threatened the security and way of life of Americans.
He stressed that this trade deficit with other countries was a major threat to the United States.