Trump To Impose 10% Tariff On UAE Imports, With Higher Rates For Some Countries

US President Donald Trump said on Wednesday that he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners, in a move that ratchets up a trade war that he kicked off on his return to the White House.

"It's our declaration of independence," Trump said at an event in the White House Rose Garden. He displayed a poster that listed reciprocal tariff , including 34 per cent on China and 20 per cent on the European Union, as a response to duties put on US goods.

The tariffs also include duties on GCC countries, with 10 per cent on the UAE, 20 per cent on Jordan, and 10 per cent on Saudi Arabia. Earlier, Trump announced he plans to visit UAE , Saudi Arabia and Qatar, as early as May. The White House has said that the new tariffs will come into effect on April 5, with the higher rates for some countries to be enforced starting April 9.

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The sweeping duties would erect new barriers around the world's largest consumer economy, reversing decades of trade liberalisation that have shaped the global order. Trading partners are expected to respond with countermeasures of their own that could lead to dramatically higher prices for everything from bicycles to wine.

Here is a list of the duties imposed:

Other details were not immediately apparent as Trump continued to make remarks that echoed his longstanding complaints that US workers and companies are hurt by global trade.

The uncertainty has rattled financial markets and businesses that have relied on trading arrangements that have been in place since 1947.

The administration also published an official notice that a separate set of tariffs on auto imports that Trump announced last week will take effect starting on April 3. Trump has already imposed 20 per cent duties on all imports from China and 25 per cent duties on steel and aluminum and extended them to nearly $150 billion worth of downstream products.

His advisers say the tariffs will return strategically vital manufacturing capabilities to the United States.

Outside economists have warned that tariffs could slow the global economy, raise the risk of recession, and increase living costs for the average US family by thousands of dollars. Businesses have complained that Trump's barrage of threats has made it difficult to plan their operations.

Tariff concerns have already slowed manufacturing activity across the globe, while also spurring sales of autos and other imported products as consumers rush to make purchases before prices rise.

Financial markets were volatile as investors awaited Trump's announcement. US stocks have erased nearly $5 trillion of value since February.

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