New U.S. Rates

On April 2, 2025, US President Donald Trump announced the introduction of sweeping "reciprocal tariffs" on imported goods, aimed, in his words, at correcting decades of unfair global trade practices that harm American industries. Under the new policy, a minimum baseline tariff of 10% will apply to all imported goods, including products from allied countries such as Australia, to address non-reciprocal treatment and significant trade deficits. In particular, this rate will also apply to Ukraine.

Countries considered bigger offenders – such as China (34%), Vietnam (46%) and India (26%) – will face much higher tariffs.

Trump claims these tariffs are aimed at restoring American manufacturing, reducing the national debt and restoring economic sovereignty. However, economists warn of possible negative consequences, including higher prices for consumers, lower disposable income (estimated at up to 2,000 dollars per household) and damage to American manufacturers due to increased raw material costs and retaliatory tariffs from other countries.

The international reaction was swift and critical. European Commission President Ursula von der Leyen called the tariffs "a major blow to the world economy" and confirmed that the EU is preparing countermeasures. Leaders of other countries also expressed concern about a potential trade war.

Despite growing global tensions and falling stock markets, the Trump administration remains determined to implement its new trade policy. US Treasury Secretary Scott Bessent urged world leaders not to resort to retaliatory measures, warning that countermeasures could lead to a full-scale trade war.