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Donald Trump
United States President Donald Trump on Wednesday announced a universal 10 per cent tariff on imports into the United States in a watershed moment for global trade.
The US will also hit certain countries with much steeper tariffs, as high as 50 per cent.
Trump, in his White House Rose Garden announcement, said the tariff on the UK will be 10 per cent, while that on the EU will be 20 per cent.
Labeling the event a "Liberation Day" announcement, Trump claimed the move will initiate a "golden age" for America.
He also accused two of America's main trade partners - Canada and Mexico, of engaging in unfair trade practices.
Trump also announced that a 25 per cent tariff on all foreign-made vehicles will begin from midnight.
Jamaican impact
In the wake of Donald Trump's announcement of a 10% tariff, there's immediate concern that it could result in a widening of Jamaica's trade deficit.
The gap between imports and exports amounted to almost US$5 billion last year and the tariff means Jamaica's exports to the United States will become more expensive.
Jamaica exported goods valued at US$674.2 million to the USA during the first 11 months of 2024.
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