Everything just got more expensive: Trump’s tariffs explained

CGTN Europe

The U.S. will implement a 10 percent base tariff on all imports starting April 5. From April 9, the government will introduce higher tariffs on goods from 60 countries, including China, India, Japan, South Korea, and the EU. These measures apply separately from existing industry-wide tariffs on cars, steel, and aluminum.

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00:00Smartphones assembled in South Korea, trainers stitched in Vietnam, Irish butter, Italian

00:06wine, Japanese car parts.

00:08For decades, goods like these filled American homes, symbols of global trade, and the U.S.'s

00:12position as one of the world's most lucrative consumer markets.

00:15Now, they're all subject to new tariffs.

00:18Starting April 5th, a new 10% base tariff will apply to nearly everything the U.S. imports,

00:23regardless of what it is or where it comes from.

00:26And from April 9th, that rate jumps for countries the U.S. accuses of unfair trade, stacked

00:31on top of the base rate.

00:33For example, imports from the EU get an extra 20%, and China gets a new 34% tariff, on top

00:40of an existing 20%, bringing the total rate on Chinese imports to 54%.

00:45Trump is also shutting down what's known as the De Minimis Rule, a rule that lets goods

00:49worth under $800 enter the U.S. without import taxes.

00:54Starting May 2nd, every shipment from China will be taxed, no matter how small.

00:59Pharmaceuticals, semiconductors, and minerals remain exempt from the tariffs, for now.

01:04The scale of this policy is already visible, and tariff revenue is projected to hit levels

01:08not seen since the 1930s.

01:11But its real impact will be in the rewiring of global supply chains.

01:15Companies and governments may now have to rethink how and where they do business.

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