Kathmandu. Amid protests, US President Donald Trump signed an executive order on reciprocal taxation on Wednesday. Trump has imposed a minimum tariff of 10 percent on all countries from his trading partners.
The tariff rates decided by Trump on Wednesday will take effect from Friday. Trump has called it Liberation Day while deciding on this new tariff rate. Since he was elected president, he had commented that the US has been a tax slave for countries around the world.
Trump’s executive order states: ‘Unless otherwise provided, an additional 10 percent tax will be imposed on all imports. This will take effect from April 5.’ The US has also imposed a 10 percent tariff on Nepal. Which is the lowest point of the US tax. Even if the US imposes a 10 percent tax on Nepal, it will not make much sense because the share of Nepal and the US trade is not large.
China will face a 34 percent tax, the European Union 20 percent, Vietnam 46 percent, Japan 24 percent, India 26 percent, South Korea 25 percent, Thailand 36 percent, Switzerland 31 percent, Indonesia 32 percent, Malaysia 24 percent and Cambodia 49 percent.
According to a White House document, Trump will impose individual reciprocal high taxes on countries and regions with the largest trade deficits with the United States. Some goods will not be subject to reciprocal taxes. That includes steel and aluminum, as well as autos and auto parts, copper, pharmaceuticals, semiconductors, and lumber already subject to Section 232 tariffs. The world has called Trump’s policies a trade war. The US economy itself is a consumer-oriented economy. The US imports more than it exports.
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