President Trump announces renewed 10pc global tariffs

WASHINGTON: US President Donald Trump has announced the imposition of a renewed 10 per cent tariff on imports from countries around the world, marking a broad escalation of US trade policy aimed at boosting domestic revenue and protecting local industries.

In a policy address, Trump said the tariffs would be implemented within days and apply globally, rather than targeting a limited group of nations. He described the move as part of a wider strategy to rebalance international trade and ensure fair treatment for the United States.

Explaining the rationale, Trump said many countries have long benefited from trade arrangements that resulted in surpluses against the US. He argued that a uniform tariff would help correct these imbalances while generating significant incoming revenue for the country.

The president said the measure would be carried out using existing legal authorities under US trade laws, including provisions of the Trade Act of 1930. While acknowledging that court rulings may restrict certain tariff actions, he maintained that the administration retains sufficient powers to proceed.

Trump emphasised that the policy would apply across global trade partners but added that countries maintaining favourable relations with the United States could see more flexible treatment in future negotiations.

He pointed to early signs of economic momentum, including increased industrial output and hiring activity in parts of the country such as Georgia, where some companies have reportedly expanded operations and introduced additional work shifts.

The president also reiterated that tariffs are a key tool for strengthening the US economy, asserting that the new measures would increase revenue inflows and support long-term growth. He acknowledged that the full impact may take time but expressed confidence that the policy would deliver positive results.

The announcement signals a significant shift toward a more expansive and assertive trade approach, with global implications for the US trading partners in the days ahead.