'Friend is worse than foe': Donald Trump's country-specific tariffs

President Donald Trump announced a 25 per cent tariff on all foreign automobiles as he started his big Liberation Day announcements that he said would bring back jobs to the country and herald the golden age of America. Friend is worse than foe, Donald Trump said, adding that he does not blame the countries for ripping of the US but the former presidents for allowing it. The tariffs would Make America Wealthy Again,Trump said adding that America can no longer take care of other countries but would put the American interest first.

"In a few moments, I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world. Reciprocal: That means they do it to us and we do it to them. This is one of the most important days, in my opinion, in American history. It is our Declaration of Economic Independence. For years, hardworking American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. With today's action, we are finally going to be able to make America great again, greater than ever before."

FULL LIST: Liberation Day pic.twitter.com/ZBiRuJBCAr

— Rapid Response 47 (@RapidResponse47) April 2, 2025

“None of our companies are allowed to go into other countries. And I say that, friend and foe — and in many cases, the friend is worse than the foe in terms of trade,” Trump said. “But such horrendous imbalances have devastated our industrial base and put our national security at risk.”

Trump announced that he would not charge the countries the same amount they charge and be kind enough to offer discounts in reciprocatory tariffs. “We truly can be very wealthy. We can be so much wealthier than any country, it’s not even believable, but we’re getting smart,” Trump said. “I blame former presidents and past leaders who weren’t doing their job. They let it happen, and they let it happen to an extent that nobody can even believe. That’s why, effective at midnight, will impose a 25% tariff on all foreign-made automobiles,” the president said.

List of reciprocatory tariffs of some countries

China: 34%
EU: 20%
Vietnam: 46%
Taiwan: 32%
Japan: 24%
India: 26%
South Korea: 25%
Thailand: 36%
Switzerland: 31%
Indonesia: 32%
Malaysia: 24%
Cambodia: 49%
UK: 10%
South Africa: 30%
Brazil: 10%
Bangladesh: 37%
Singapore: 10%
Israel: 17%
Philippines: 17%
Chile: 10%
Australia: 10%
Pakistan: 29%
Turkey: 10%
Sri Lanka: 44%
Colombia: 10%
Peru: 10%
Nicaragua: 18%
Norway: 15%
Costa Rica: 10%
Jordan: 20%
Dominican Republic: 10%
UAE: 10%
New Zealand: 10%
Argentina: 10%
Ecuador: 10%
Guatemala: 10%
Honduras:10%
Madagascar: 47%
Myanmar: 44%
Tunisia: 28%
Kazakhstan: 27%
Serbia: 37%
Egypt: 10%
Saudi Arabia: 10%
El Salvador: 10%
Cote d'lvorie: 21%
Laos: 48%
Botswana: 37%
Trinidad and Tobago: 10%
Morocco: 10%

After reading out some of the reciprocatory tariffs that his administration zeroed in on, Trump said now he will be flooded by negotiation calls. And the way for that would be to withdraw tariffs on US products first. The stock market took a hit in after-hours trading following President Trump's announcement of broad new tariffs starting at 10%, with steeper rates targeting select nations.
The SPDR S&P 500 ETF Trust, which mirrors the performance of the S&P 500, dropped roughly 2% after the news. Meanwhile, the Invesco QQQ ETF, tied to the Nasdaq-100 Index, declined by about 2.6%.

What is the basis of the tariff?

Trump said he has been kind and provided enough discount to some countries, while the higher rate has been imposed on "worst offenders". The White House told reporters that a "baseline" 10 per cent tariff would start on 12:01am (0401 GMT) on April 5, while higher rates on various partners would begin from 12:01am on April 9.