United States President Donald Trump announced sweeping reciprocal tariffs against U.S. trading partners on Wednesday, a day the president has coined \u201cLiberation Day.\u201d<\/p>\n<\/div>\n
\n
Article content<\/p>\n
\u201cThis is one of the most important days in my opinion, in American history,\u201d Trump said during a press conference from the White House Rose Garden on Wednesday. \u201cIt\u2019s our declaration of economic independence.\u201d<\/p>\n<\/div>\n
\n
Article content<\/p>\n
During the event, Trump read from a chart that listed what he called \u201cdiscounted\u201d reciprocal tariff rates applied to a number of countries. Canada was not on the list, and it was not immediately clear what blanket tariff rate, if any, applied to Canada. Some early reports, however, suggested the exemption on goods covered by the Canada-United-States-Mexico Agreement trade pact would remain in place.<\/p>\n
The tariffs are aimed at matching duties other countries place on U.S. imports and roll back what he views as \u201cunfair trade practices.\u201d<\/p>\n
Notably, China will be hit with a 34 per cent tariff, the European Union will be subject to a 20 per cent tariff and the United Kingdom will face a 10 per cent tariff.<\/p>\n
Among the steepest levies, Vietnam will be hit with a 46 per cent tariff, Sri Lanka will be subject to a 44 per cent tariff and Cambodia will face a 49 per cent tariff.<\/p>\n\n