Trump unleashes tough tariffs against all: 20% on the EU, 34% on China, 25% on cars

Sectors such as pharmaceuticals, semiconductors, copper and timber will also be exempt from country tariffs for the time being, but only because they are being investigated for the future application of specific measures. Steel and aluminium are also excluded because they have been affected by tariffs of 25% since last month. Finally, some energy products and minerals not available in the United States are spared.

The overall sense of Trump's manoeuvre is that of an undoubtedly dramatic unilateral offensive. "America First will be our slogan," said the President. The executive order he signed left room for negotiation, empowering the President to modify the tariffs based on negotiations with partners and their appropriate concessions. However, it remains to be seen whether Trump has real diplomatic intentions or whether these are only on paper. Further worsening of protectionism is also possible, with US tariff increases in response to retaliation by other countries.

Trump detailed the duties by holding up a board and starting with China, to which duties of 34% will be applied. Added to already decided duties of 20%, the duties against Beijing now stand at 54%. It is not the only nation targeted: in all, he pointed out, there are 60 countries identified by the administration that will have additional duties on top of the 10% base equal for all. These are those that the White House believes have the most unfair trade relations with the US. He added that he considered his action benign, asserting that the new US duties would actually be no more than half of those imposed on America by its partners.

Trump, after China, announced tariffs of 10% against Britain, which are however less than those imposed on the European Union (20%), attacked as pathetic and accused of imposing 39% barriers to US goods. Although real European tariffs are actually estimated by the World Bank to average around 2%, not much different so far from the average US tariffs.

Then, from one corner of the planet to the other: duties of 17% on Israel, 26% for India. Tariffs of 46% for Vietnam, 32% for Taiwan, 10% for Brazil. Duties of 30% for South Africa, 31% for Switzerland, 49% for Cambodia.

The President promised that such tariffs would "bring back the golden age", revive the "American dream" and "generate trillions of dollars to reduce our taxes and debt", speaking before a parade of star-spangled flags. "Let's put America First again" and make America Wealthy Again. "Make America Wealthy Again," he said.

Economists, on the contrary, foresee immediate inflation and net job losses, if not a full-blown recession, while reindustrialisation hypotheses seem much more fragile and distant, since it will take years and certainty, which does not exist today, for any real reorganisation of huge and complex production and supply chains, which would go beyond image announcements or isolated new investments. Most analysts agree that tariffs are both an inefficient and ineffective instrument of industrial policy, with many more risks than benefits.

The Trump administration defies the economic consensus, however. A White House official confirmed that the basic reciprocal duties, i.e. those at 10%, will be applied from Saturday 5 April, those with higher rates from Wednesday 9 April. In the presidential decree signed by Donald Trump, each individual country is listed with the rate applied. In addition to the UK and Brazil, the 10% duties will also apply to Singapore, Chile, Australia, Colombia, Turkey and a number of 'minor' states.

The administration also made it clear that Trump will declare a national emergency on trade as legitimacy for the imposition of tariffs. This is a 1977 law, the International Emergency Economic Powers Act, which gives the President vast powers to act on transactions in the event of a threat from abroad. Trump decreed that 'foreign trade and economic practices have created a national emergency' and the tariffs 'will strengthen the economic position of the United States and protect American workers'.

Among the first independent analyses of the impact of the announced duties came from Exiger, which called the move a "monumental policy shift that will reshape supply chains, prices, and geopolitical strategies": it estimated that the new tariffs amount to $600 billion a year, concentrated against ten countries. Chinese exports will be affected by a $149 billion increase, Vietnam by $63 billion, Taiwan by $37 billion, Japan by $36 billion and Germany and Ireland together by $41 billion. Other estimates are not so different: Capital Economics expects the duties to amount to over 800 billion, Citigroup to 700 billion.

The Trump administration also decided to impose 25% duties on all imported canned beers and all empty aluminium cans, starting on Friday 4 April. This was announced by the US Department of Commerce.