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The speaker claims that other countries have been charging the U.S. high tariffs, and the U.S. will now charge discounted reciprocal tariffs. China charges 67%, and the U.S. will charge 34%. The European Union charges 39%, and the U.S. will charge 20%. Vietnam charges 90%, and the U.S. will charge 46%. Taiwan charges 64%, and the U.S. will charge 32%. Japan charges 46%, and the U.S. will charge 24%. India charges 52%. Cambodia charges 97%, and the U.S. will charge 49%. The United Kingdom and Brazil both charge 10%, and the U.S. will charge 10%. South Africa charges 60%, and the U.S. will charge 30%. Bangladesh charges 74%, Pakistan charges 58%, and Sri Lanka charges 88%.

Every tariff schedule since World War II on every product in every country has never been looked at this way. If a country charges 243% on Vermont butter, Vermont will implement a reciprocal tax on butter coming from that country. Both sides will realize this is not beneficial and agree to eliminate tariffs. Reciprocal tariffs will be rolled out on April 2nd. Some imbalanced trading partners are already dropping tariffs. If other countries drop their tariffs, the US will drop theirs. From April 2nd to June 30th other countries may also reduce tariffs. This creates a win-win situation. Either tariff barriers come down, allowing the US to export more with fairer trade, or the US will gain substantial revenues.

President Trump is prioritizing America by implementing reciprocal tariffs, a concept with bipartisan support. Trump aims to reverse decades of being the "world's ATM," referencing his 1988 concerns about trade imbalances with Japan and other countries not paying their fair share. The US has become overly reliant on adversaries like China, even for essential items like pharmaceuticals. Between 2020 and 2022, US imports of China-based pharmaceuticals grew by 485%. China now owns the American generic drug supply. Trump is implementing discounted reciprocal tariffs, charging China half of what they charge the US. Critics predict economic disaster, but Trump supporters argue these tariffs are essential for long-term independence and are already incentivizing investment in American factories. Critics accuse Trump of promising to lower the high cost of living, but now, quote, crashing the economy. Countering claims that Trump will cut Social Security, supporters say he explicitly stated he would not. The speaker claims the media lies about Trump, while Americans support his actions.

According to a report from the USTR, over 50 countries have contacted the president to start negotiations. These countries supposedly understand they bear much of the tariff burden. The speaker believes the consumer in the U.S. will not be greatly affected. The speaker claims the persistent long-run trade deficit exists because other countries have very inelastic supply and have been dumping goods into the U.S. to create jobs, such as in China.

The speaker believes tariffs should be placed on goods the U.S. makes, not on goods it doesn't, and sees them as a bargaining chip. They claim that Europe and Japan have 100% tariffs on American cars, preventing Ford and GM sales. The speaker suggests the U.S. should reciprocate to force negotiation and lower tariffs, allowing American companies to compete. While broad statements are necessary when running for office, tariffs are an amazing tool to protect the American worker. The speaker believes tariffs will either generate revenue or drive up domestic productivity, ideally both. The speaker references the Marshall Plan, where the U.S. allowed Germany and Japan to tariff American goods to rebuild their economies after World War II. They question why this arrangement persists decades later, with Europe and Japan still heavily tariffing U.S. industries like auto and furniture. The speaker attributes foreign-made furniture purchases to this tariff imbalance.

The world has been cheating the U.S. for decades with tariffs and non-tariff barriers like VAT taxes, dumping, currency manipulation, and technical and agricultural barriers. These barriers transfer $1.2 trillion of wealth abroad annually, and $18 trillion since the U.S. started running deficits. The president's strategy is to charge other countries what they charge the U.S. It's easy to calculate the tariff differential, but non-tariff barriers are much higher. The U.S. paused for ninety days, knowing countries would want to bargain, and anticipates potentially having 90 deals in 90 days. The speaker believes this pause was a success for President Trump, and they are going to get this done for the American people.

India has been a high tariff nation, making it difficult to sell into their market due to strong trade barriers. We're now moving to a reciprocal system; whatever tariffs India imposes, we will match. Previously, during my first term, we had the strongest economy ever, but I held off on reciprocal tariffs due to global suffering caused by COVID. Now, after decades of abuse, it's time to implement this fairness mechanism with many nations, not just India. The European Union is very difficult, and China was terrible until we started collecting hundreds of billions of dollars from them. I discussed India's high tariffs in the first term but couldn't get concessions. So, we're simply matching their tariffs, which is fair to the United States and, I believe, fair to India as well.

The President has initiated a complete restructuring of the international trading system with a fair and reciprocal plan. For too long other countries have damaged our defense industrial base and threatened our national security. Take Europe, for example. The US runs a $230 billion trade deficit with them, especially in the auto industry. A Cadillac faces tariffs and VAT taxes that significantly increase its price in Germany, while a BMW coming to the US gets rebates, allowing it to be sold much cheaper. This disparity explains why Germany sells us eight times more cars than we sell them. To address this, we're going to identify how countries are unfairly exploiting us through tariffs and non-monetary barriers. Then we will determine reciprocal tariffs to counteract this unfairness, ensuring fair treatment for America. This isn't a political issue, it's an American issue. We want jobs, factories, and a strong defense industrial base here at home so we can be safe, secure, and prosperous.

Joe Biden has run up record trade deficits, costing the country jobs and wealth. To address this, I will pass the Trump Reciprocal Trade Act, which will impose the same tariffs on countries that impose tariffs on us. If they charge us, we charge them. This will either lead to them dropping their tariffs or paying us billions of dollars. It will benefit farmers, manufacturers, and the middle class, and reduce our dependence on China. This act will bring fairness and reciprocity to our trade relationships and put American workers on a level playing field. No more being disrespected on trade. The Trump Reciprocal Trade Act is the solution.

A 4% tariff on China is insufficient; 400% is necessary because China doesn't adhere to WTO rules, steals IP, and cannot be litigated against in their courts. This isn't just about tariffs; it's about leveling the playing field, something no one has done. The speaker claims to represent millions of Americans whose IP has been stolen. While acknowledging the Chinese people's contributions, the speaker asserts their government cheats and steals. The speaker praises the Trump administration for standing up to China. The speaker believes 400% tariffs would force China to negotiate, as Xi Jinping's leadership depends on employment. The speaker argues America, holding 39% of global consumables and 25% of the world's GDP, has the leverage to pressure China. The speaker advocates implementing 400% tariffs immediately, anticipating a swift resolution.

The speaker addressed confusion around a chart presented by the president, questioning why places like the Herd and McDonald Islands, which don't export to the U.S. and are inhabited by penguins, were included with a 10% tariff. The response was that leaving any country off the list would allow others to "arbitrage America" by shipping through them, as China did in 2018. The president aims to close these loopholes and fix the U.S. trade deficit, viewing it as a national security issue. The goal is to rebuild American manufacturing for essential goods like medicine, semiconductors, and ships, ending what he sees as the U.S. being "ripped off" by other countries.

Canada has been charging the United States tariffs for years, including a 270% tariff on milk, 245% on cheese, and nearly 300% on butter. There are also tariffs on chicken, sausages, barley seed, meat, cars, HVAC, vacuums, cable boxes, TVs, steel, aluminum, and copper. Now that the United States wants to impose tariffs, suddenly we're the bad guys. The United States is tired of one-sided relationships where Canada benefits without offering fair trade in return. Canada is draining billions from the United States. Before criticizing President Trump, Canada should consider how much they've taken from the United States. Without America, Canada's economy would plummet.

According to a report from the USTR, over 50 countries have contacted the president to start negotiations. These countries supposedly understand they bear much of the tariff burden. The speaker anticipates minimal impact on US consumers. The speaker believes the persistent long-run trade deficit is due to countries with very inelastic supply, such as China, dumping goods to create jobs.

Joe Biden has run up record trade deficits, costing the country jobs and trillions of dollars. To address this, I will pass the Trump Reciprocal Trade Act, which imposes the same tariffs on countries that impose tariffs on us. They can either eliminate their tariffs or pay us billions of dollars. This will benefit farmers, manufacturers, and the middle class, and reduce our dependence on China. We have been disrespected on trade for too long, but that ends now with the Trump Reciprocal Trade Act.

Trump's tariffs have revealed that many designer brands are manufactured in China. The speaker states that Lululemon leggings, costing consumers $100, are made in China for only $5 to $6. The speaker believes that both Chinese manufacturers and American consumers are being exploited by these brands. The Chinese are making only a few dollars in profit, while Americans pay thousands for items costing very little to produce. The speaker concludes that Trump's tariffs have exposed this "lose-lose situation" for both the Chinese and American people.

Joe Biden has run up record trade deficits, costing the country jobs and wealth. To address this, I will pass the Trump Reciprocal Trade Act, which will impose the same tariffs on countries that impose tariffs on American goods. If they don't drop the tariffs, we'll make money. Other countries will have two choices: eliminate tariffs on us or pay us billions of dollars. This will benefit farmers, manufacturers, and the middle class, and reduce our dependence on China. We have been disrespected on trade for too long, but with this act, that will change. The Trump Reciprocal Trade Act.

American patients were subsidizing socialist healthcare systems in the European Union. The European Union is nastier than China, but they will come down a lot. The U.S. has all the cards because the EU treated the U.S. unfairly. The EU sells the U.S. 13 million cars, but the U.S. sells them none. The EU sells the U.S. their agricultural products, but they don't take U.S. products. Because of this unfairness, the EU will have to pay more for healthcare, and the U.S. will have to pay less.

The speaker believes people are reacting hysterically to Trump's trade policies because they were taught that free trade is good, and tariffs are bad. Trump's perspective is that while free trade may improve GDP, it devastated parts of the US, costing people not just jobs, but their towns. The US is in the best position to negotiate trade because exports only comprise 11% of its GDP. If countries are rational, Canada and Mexico would concede to US demands, as 25% of their GDP comes from exports to the US. Europe is not much better, so they should also lower barriers. The wild card is politicians fearing job loss if they give in. The speaker acknowledges market pain but notes those who lost jobs are cheering. Trump is doing what he said he would do, fulfilling his promises.

A 4% tariff on China is insufficient; 400% is necessary because China doesn't abide by WTO rules, steals IP, and can't be litigated against in their courts. A 400% tariff would force China to negotiate and level the playing field. No administration has confronted China, but the Trump administration has. This speaker claims to represent millions of Americans whose IP has been stolen. While acknowledging the Chinese people's contributions, the speaker asserts their government cheats and steals. Xi Jinping's leadership depends on employment, and America, controlling 39% of consumables and 25% of global GDP, holds the leverage. The speaker advocates for immediate 400% tariffs, believing it will compel China to negotiate swiftly.

Tariffs are taxes on imported goods, and the U.S. only imports 15% of its goods and services. Canada and Mexico contribute just 5% of that. This trade war could significantly impact their economies, as Canada relies on the U.S. for 20% of its GDP, with 75% of its trade tied to the U.S. If prices rise, Americans may stop buying Canadian goods, hurting their economy. Mexico is similarly vulnerable, with 40% of its GDP linked to U.S. exports. Concerns about Canada cutting off power are unfounded, as they are in significant debt. Other countries contribute only 10% to the U.S. GDP, and tariffs can be beneficial when paired with tax cuts. While there may be slight inflation, it will be manageable. America is prioritizing its interests, so there's no need for alarm.

The speaker states they are in dialogue with the prime minister and believes he is happy with how they treated them with tariffs. The speaker addresses foreign leaders, urging them to terminate their tariffs, drop barriers, and stop manipulating currencies, which they claim is devastating. They request these leaders buy tens of billions of dollars of American goods. The speaker asserts tariffs protect the country from economic harm and will lead to unprecedented growth, adding that this growth has already started.

The tariff on China will increase to 25% because China retaliated against the U.S. More than 75 countries have contacted the White House to negotiate better trade deals. There will be a 90-day pause on reciprocal tariffs during negotiations, and the tariff level will be reduced to a universal 10%. According to the Treasury Secretary, President Trump's negotiating strategy has brought more than 75 countries forward to negotiate. Countries that do not retaliate will be rewarded with a 10% baseline tariff. China's tariff will be raised to 25% due to their insistence on escalation.

Trump removed the Philippines and Indonesia from his tariff hit list at 19% each, and Japan at 15%. Japan has $550 billion invested in the U.S. and has created thousands of jobs. According to Speaker 1, the U.S. just signed the largest trade deal in history with Japan. He states that it's a great deal for everybody, a lot different from deals in the past, and that the U.S. is doing really well as a country with a lot of money flowing in.

There’s nothing that China, Canada, or Mexico can do tonight to prevent the tariffs from being implemented tomorrow. This is not a negotiating tool; it’s an economic decision due to significant trade deficits. Canada has a nearly $200 billion deficit with the U.S., and it’s unfair for the U.S. to subsidize Canada. Mexico has a $250 billion deficit, and while border crossings have decreased, the past administration allowed many criminals to enter the U.S. Fentanyl, primarily produced in China, is a major issue, with much of it coming through Mexico and Canada. Overall, these countries have not treated the U.S. fairly.

America protects and defends countries like South Korea, Japan, Canada, and all of Europe. In exchange, South Korea steals the automobile and electronics industries, Japan closes its market to American cars, Canada runs up a massive trade deficit, and Europe has a $300 billion trade deficit with the United States. America is getting ripped off by every other country in the world, resulting in the deindustrialization of the heartland, destruction of the American dream, and the eradication of the industrial and manufacturing base needed for national security. This has to stop, especially with $36 trillion in debt.