President Trump declared a national economic emergency on Wednesday (April 2)
Donald Trump’s so-called ‘Liberation Day’ has come and it could slap a hefty price tag on everyday goods for Americans.
Yesterday (April 2), Trump declared a series of devastating tariffs on all foreign goods coming into America.
The POTUS announced his plans to ‘Make America Wealthy Again’ — a nod to the ‘Make American Great Again’ slogan he’s long used in his presidential campaigns. But it could actually leave US citizens out of pocket as the price of many items are expected to go up as a result of his newly-imposed tariffs.
Each country will face a base of at least 10 percent tariffs on items coming into the US, while some specific countries might be slapped with tariffs as high as 50 percent if Trump believes them to be one of the ‘worst offenders’.
Which countries have been targeted in Trump’s ‘Liberation Day’ tariffs?
The countries which will only face the base 10 percent rate include:
- United Kingdom
- Singapore
- Brazil
- Australia
- New Zealand
- Turkey
- Colombia
- Argentina
- El Salvador
- United Arab Emirates
- Saudi Arabia
Meanwhile, those with custom tariffs include:
- China: 54% (which includes earlier tariffs)
- Cambodia: 49%
- Vietnam: 46%
- Thailand: 36%
- Taiwan: 32%
- South Africa: 30%
- Japan: 24%
- European Union: 20%
Trump said his tariffs marked a ‘golden age’ for America (Andrew Harnik/Getty Images)
Only three countries were exempt from Trump’s new tariffs, those being Mexico, Canada, and China. This wasn’t out of favoritism though; these three countries have already been hit with hiked tariffs on certain goods ahead of yesterday’s announcement.
With this in mind, in addition to Trump’s new tariffs on countries across the globe, that are several everyday items that are expected to go up in price for Americans as companies could put up the price tag on products to compensate for the tax.
Which items could go up in price in the US following Trump’s tariffs?
Wine and coffee
Trump has threatened an eye-watering 200 percent tariff hike on alcohol from the EU, which could make Spanish wine, French champagne, and German beer substantially more expensive.
Elsewhere, the US is one of the world’s leading importers of coffee and gets most of the popular product from Latin America.
Brazil and Colombia export the most coffee to America, and both countries have been hit with 10 percent tariffs.
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European-made wines are expected to go up in price (Mensent Photography/Getty stock photo)
Clothing and shoes
China, Vietnam, and Bangladesh are among the biggest exporters to the US for clothing items and shoes.
Vietnam in particular is facing a huge 46 percent tariffs which is expected to come into force on April 9.
Cars
Trump has announced a blanket tariff of 25 percent on all cars and car part imports which will not only affect the price of the cars built in other countries and brought into the US, but US-built vehicles too.
According to Anderson Economic Group, car prices may go up anywhere between $2,500 to $20,000.
Anyone in the game for a new car may be forking out more (Jackyenjoyphotography/Getty stock photo)
Maple syrup
A staple in many American households, Canadian-made maple syrup is extremely likely to go up in price as 90 percent of the sweet sauce is made in Quebec.
Thomas Sampson from the London School of Economics said: “That maple syrup is going to become more expensive. And that’s a direct price increase that households will face.”
He added: “If I buy goods that are domestically produced in the US, but [which use] inputs from Canada, the price of those goods is also going to go up.”
