Trump Announces "Reciprocal Tariffs" On All Nations As 'Trade War' Begins

President Trump signed the presidential order shortly after his speech. NDTV reported.The White House later told reporters that due to a "national emergency" which has stemmed from security concerns due to persistent trade deficits, the US is imposing a "baseline" 10 per cent tariff would start at 12:01am local time (9:30 am IST) on April 5, while the higher country-specific tariffs would begin from 12:01 am local time (9:30 am IST) on April 9.

Several world leaders, heads of states, economists, and financial experts have reasoned that "a trade war will benefit noone". Like all wars, it is the people and the economy which will suffer the most. But President Trump has been detemined to put it to test. "Let's see what happens," Mr Trump has said.

Speaking at the "Liberation Day" tariff announcement from the White House Rose Garden, President Trump said, "For far too long, other countries have looted and plundered us, while taking advantage of our policies. But no longer. 

April 2nd will forever be known as Liberation Day - when America reclaimed its industries. We will now impose reciprocal tariffs on countries that tariff us - Reciprocal means we do to them, what they do to us, as simple as that.".

By doing this we will reclaim our jobs, we will reclaim our industry, we will reclaim our small and medium scale businesses...and we will make America wealthy again. Jobs will come roaring into America now," he added.

He said that "America will be kind on other nations and charge only half of what they charge." He announced this showing a comparitive chart of tariffs - US vs Other Countries.

The announcement was made shortly after 4pm local time (8pm GMT - 1:30am IST). There were loud cheers from the attendees, as President Trump was announcing the country-specific tariffs.