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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 president's strategy drove recent events. He and the speaker discussed it at length on Sunday. The president may have goaded China into a bad position, leading them to be perceived as bad actors. The U.S. is willing to cooperate with allies and trading partners who did not retaliate. The message was simple: don't retaliate, and things will turn out well.

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.

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.

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.

President Trump believes China wants and has to make a deal with the U.S., and that China made a mistake in retaliating. Because of this retaliation, 4% tariffs on China will go into effect tonight at midnight. Trump believes China doesn't know how to start the deal-making process. If China reaches out to make a deal, Trump will be incredibly gracious, but he's going to do what's best for the American people. When asked under what conditions Trump might consider lowering tariffs on China, the speaker stated it would be imprudent to say.

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.

The US will be charging discounted reciprocal tariffs, approximately half of what other countries charge. China charges the US 67% in tariffs, including currency manipulation and trade barriers, so the US will charge them 34%. The European Union charges 39%, and the US will charge them 20%. Vietnam charges 90%, and the US will charge 46%. Taiwan charges 64%, and the US will charge 32%. Japan charges 46%, and the US will charge 24%. India charges 52%. Cambodia charges 97%, and the US will charge 49%. The United Kingdom charges 10%, and the US will charge 10%. South Africa charges 60%, and the US will charge 30%. Bangladesh charges 74%. Pakistan charges 58%. Sri Lanka charges 88%. The speaker claims that these countries have been "ripping off" the United States for years.

Check out these insane tariffs that Canada imposed on the US last year: 250% for milk, 291% for butter, and over 200% for whey and cheese. Meanwhile, we charged them far less for the same goods. Since Trump announced tariffs, everyone suddenly became an economics expert. I don't know how tariffs will affect the economy, and neither does anyone else. But I do know tariffs led Apple to build a new factory and hire 20,000 Americans. Honda is building Civics here instead of Mexico. Taiwan Semiconductor is investing $100 billion to build five chip factories in the US. Tariffs pressure China, Mexico, and Canada to stop the flow of fentanyl. Tariffs are one tactic in an economic strategy. Are we willing to tolerate short-term disruption for long-term gain? Macroeconomics are complicated and take time to play out. Are you listening to people who want the President to fail, even if it hurts America?

Long threatened tariffs from President Donald Trump have plunged the country into trade wars abroad, with the on again, off again new levies escalating uncertainty. Tariffs don't cause inflation, they cause success. There could be some temporary short term disruption, and people will understand. On February 1, Trump began by signing an executive order to impose tariffs on imports from Mexico, Canada and China. It prompted swift outrage from all three countries with promises of retaliatory measures. But on February 3, he agreed to a thirty day pause on that plan for Mexico and Canada, as both countries took steps to appease his concerns over border security and drug trafficking. The next day, 10% tariffs on all Chinese imports went into effect. China retaliated, and on February 13, Trump announced a plan for reciprocal tariffs.

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.

The speaker believes the current tariffs are stronger than expected but are the opening step in a negotiation that won't last past the first half of the year. The tariffs fall into four groups: automobiles (Mexico, Canada, Germany), reciprocal tariffs, a 10% tariff from all countries, and China. The USMCA agreement will likely address tariffs with Mexico and Canada. Germany's tariffs could be fixed to improve US market access. The president will seek victories by negotiating with many countries. The 10% tariff from all countries may be to prevent supply chains from moving. China requires special negotiation beyond a phone call, potentially involving a trade deal. A 10% tariff on all imports could become a permanent legacy, providing predictable analysis for companies and long-term revenue for the US government. China will retaliate, but not dollar for dollar, acting in its own interest. China is confused by the current situation, lacking backchannel communication, and prefers negotiating with Secretary Besant, but there is no one to fill that role currently.

Tomorrow, February 1st, President Trump will implement tariffs in response to the illegal fentanyl crisis. A 25% tariff will be imposed on Mexico and Canada, and a 10% tariff on China. These measures are aimed at addressing the distribution of fentanyl, which has resulted in the deaths of millions of Americans. This action reflects the president's commitment to his promises.

The president increased tariff rates to offset Chinese retaliation, escalating the situation. Both sides added 25% tariffs, with China implementing additional non-tariff measures that effectively created an embargo on trade. This embargo is considered unsustainable for both sides.

The speaker states that China wants to make a deal with the United States and believes China has to make a deal. China made a mistake when it retaliated. When America is punched, the president punches back harder, which is why 4% tariffs will go into effect on China tonight at midnight. The president believes that Xi and China want to make a deal, but they just don't know how to get that started. If China reaches out to make a deal, the president will be incredibly gracious but will do what's best for the American people. The Chinese want to make a deal, but they just don't know how to do it.

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.

With this agreement, reciprocal tariff rates will decrease to 10% on both the United States and Chinese sides, representing a 15% reduction for the United States and a 15% reduction for China. A 90-day pause period for negotiations will commence, with commitment from both countries. China will also remove countermeasures currently in place. However, other tariff measures implemented by the United States in the past, including those from 2018, tariffs under other statutory authorities, and tariffs related to fentanyl, will remain unchanged for now.

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.

President-elect Trump is taking decisive action against China, Mexico, and Canada, announcing a 25% tariff on imports from these countries. He plans to sign the order immediately after his inauguration. The message is clear: to avoid tariffs, these countries must stop allowing illegal immigration and the influx of fentanyl and criminals into the U.S. Trump emphasizes that if Canada and Mexico want to avoid tariffs, they need to take responsibility for their borders. He believes that imposing tariffs is essential for protecting American jobs and that this marks a significant shift in policy, signaling a new approach to international trade and border security.