00:00The golden age of America begins right now.
00:05Tariffs form a central part of Donald Trump's political philosophy.
00:08He imposed them in his first term and was quick to announce a raft of new measures following
00:13his inauguration on January the 20th.
00:16Tariffs are not just about protecting American jobs, they're about protecting the soul of
00:23our country.
00:24On day two of the presidency, Donald Trump announced plans for a 25% tax on imports from
00:30Canada and Mexico, which he claimed was a response to the flow of the illegal drug fentanyl,
00:36as well as migrants from both countries.
00:39But the move has proved difficult to implement.
00:42The tariffs were introduced on February the 3rd, only to be postponed the next day.
00:47When they were reintroduced in March, Canada retaliated with $20 billion worth of tariffs
00:53on American goods, so two days later, President Trump postponed them again until April.
00:59Car imports are another target in a bid to boost domestic production and sales.
01:04A 25% tariff on all cars imported into the US was announced on February the 12th to come
01:10into effect in March, but that was later delayed until April the 2nd, with a tax on car parts
01:16postponed until May.
01:19A 25% tax on steel and aluminium imports was announced in February and did go into effect
01:25on March the 12th.
01:26The European Union retaliated with $28 billion worth of tariffs on US goods, but these had
01:32been postponed to give time for negotiations.
01:36Tariffs are taxes.
01:38They are bad for business and worse for consumers.
01:42Chinese exports are another major target.
01:45On February the 1st, the US imposed a 10% tax on all Chinese goods, accusing it of
01:50allowing fentanyl exports to the US.
01:53Beijing retaliated with $14 billion worth of its own tariffs on US LNG and agricultural
01:59equipment.
02:01In March, the US placed an additional 10% tax on Chinese imports, prompting further
02:06Chinese countermeasures, this time involving US food and agricultural products.
02:14If the US continues on this wrong path, then we will fight to the end.
02:21From April the 2nd, US tariffs will affect dozens of countries around the world, including
02:26Canada and Mexico, much of Europe, along with Japan, South Korea and China.
02:33The new tariffs coming in will include a 25% levy on all car imports, along with all goods
02:38from Mexico and Canada.
02:40They'll join existing tariffs on steel and aluminium, as well as Chinese imports.
02:46Further taxes on timber, semiconductors and pharmaceuticals could also follow.
02:52Now the world's waiting to see what further retaliation the US may face, while President
02:57Trump has warned that any such countermeasures will be met with even higher tariffs.
03:03The global trade wars are only just beginning.
03:06Michael Voss, CGTN.
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