Trump imposes 35 percent tariff on imports from BiH

(Patria) - US President Donald Trump announced today that he will impose a basic tariff of 10 percent on all imports into the US and higher tariffs on some of the country's largest trading partners, expanding the trade war he started upon returning to the White House.

Comprehensive tariffs will raise new barriers in the world's largest economy, reversing decades of trade liberalization that shaped the global order, reports RSE.

Other countries are expected to respond with countermeasures that could lead to dramatically higher prices.

"This is our declaration of independence. We are finally putting America first," Trump said at an event in the White House backyard, displaying a board with new tariffs for most countries - from 10 to 49 percent.

Among the countries on the list with new tariffs are Serbia with 37 percent, Bosnia and Herzegovina with 35 percent, and North Macedonia with 33 percent.

Trump said the trade deficit is no longer just an economic problem, but a national emergency.

"In many cases, a friend is worse than an enemy when it comes to trade. We subsidize many countries and support them. Why are we doing this? I mean, at what point will we say - you have to work for yourself - Trump said.

Trump is imposing a 20 percent tariff on the European Union, 10 percent on Great Britain, and 31 percent on Switzerland.

He has set tariffs of 34 percent for China, 32 percent for Taiwan, 25 percent for South Korea, and 24 percent for Japan. He has imposed the highest tariffs on Cambodia - 49 percent, while predicting 46 percent for Vietnam.

The Trump administration previously announced an official notice that a separate set of tariffs on car imports announced by Trump last week would take effect on April 3.

Trump has already imposed a 20 percent tariff on all imports from China and a 25 percent tariff on steel and aluminum, expanding them to nearly $150 billion worth of products.

His advisors say the tariffs will bring strategically vital manufacturing capacity back to the US.

Economists warn that tariffs could slow down the global economy, increase the risk of recession, and increase the cost of living for the average American family by thousands of dollars.

Concerns about tariffs have already slowed manufacturing activity worldwide, while simultaneously boosting sales of cars and other imported goods as consumers rush to buy them before prices rise.

At the same time, instability has gripped financial markets as investors awaited Trump's announcement. US stocks have lost nearly five trillion dollars in value since February.