This article is published in Aviation Daily part of Aviation Week Intelligence Network (AWIN), and is complimentary through Apr 10, 2025. For information on becoming an AWIN Member to access more content like this, click here.
U.S. President Donald Trump at White House event announcing new tariffs Apr. 2, 2025.
WASHINGTON—U.S. President Donald Trump on April 2 announced long-awaited tariffs on other countries, urging foreign companies to build and operate factories in the United States to keep their U.S. buyers from paying the new import taxes.
According to Trump, Chinese imports will see a 34% tax; European Union goods 20%; Vietnam 46%; Taiwan 32%; India 26%, Japan 24%; and otherwise a “baseline” of 10% on other countries not immediately named.
“Foreign nations will finally be asked to pay for the privilege of access to our market,” Trump said.
“It is such an honor to finally be able to do this,” Trump said of implementing tariffs, noting he has been consistent in his opinion for decades that the rest of the world had been “cheating” the U.S. economically.
The taxes are expected to raise trillions of dollars on annual imports into the U.S., according to the administration.
Opponents have decried the protectionist measure has harmful and possibly disastrous for consumers in the U.S. and the American economy. Former Treasury Secretary Larry Summers said Trump’s tariffs could amount to a jolt equivalent to the so-called oil-shock in the 1970s that triggered a spike in inflation.
Trump touched on the automotive industry repeatedly in his White House speech, but he did not identify aerospace and defense, nor detail how tariffs would work.
“This will be an entirely different country in a short period of time,” Trump asserted.
Related Content
Comments