{"id":126352,"date":"2025-04-02T23:17:16","date_gmt":"2025-04-02T23:17:16","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126352"},"modified":"2025-04-02T23:17:16","modified_gmt":"2025-04-02T23:17:16","slug":"trump-imposes-10-tariff-on-all-countries-reciprocal-levies-on-trading-partners","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126352","title":{"rendered":"Trump imposes 10% tariff on all countries, reciprocal levies on trading partners"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsUnited States President Donald Trump signed an executive order establishing reciprocal tariffs on trading partners and a 10% baseline tariff on all imports from all countries.<br \/>\nThe reciprocal levies on will be approximately half of what trading partners charge for US imports, Trump said. For example, China currently has a tariff of 67% on US imports, so US reciprocal tariffs on Chinese goods will be 34%. Trump also announced a standard 25% tariff on all automobile imports.<br \/>\nTrump told the media that tariffs would return the country to economic prosperity seen in previous centuries:<br \/>\n\u201cFrom 1789 to 1913, we were a tariff-backed nation. The United States was proportionately the wealthiest it has ever been. So wealthy, in fact, that in the 1880s, they established a commission to decide what they were going to do with the vast sums of money they were collecting.\u201d<br \/>\n\u201cThen, in 1913, for reasons unknown to mankind, they established the income tax so that citizens, rather than foreign countries, would start paying,\u201d Trump said.<br \/>\nFull breakdown of reciprocal tariffs by country. Source: CointelegraphTrump presented the tariffs through the lens of economic protectionism and hinted at returning to the economic policies of the 19th century by using them to replace the income tax.<br \/>\nRelated: Bitcoin rally to $88.5K obliterates bears as spot volumes soar \u2014 Will a tariff war stop the party?<br \/>\nTrump proposes eliminating federal income tax and replacing it with tariff revenue<br \/>\nTrump proposed the idea of abolishing the Internal Revenue Service (IRS) and funding the federal government exclusively through trade tariffs while still on the campaign trail in October 2024.<br \/>\nAccording to accounting automation company Dancing Numbers, Trump&#8217;s plan could save each American taxpayer $134,809-$325,561 in taxes throughout their lives.<br \/>\nUS President Donald Trump addresses the media about reciprocal trade tariffs at the April 2 press event. Source: Fox 4 DallasThe higher range of the tax savings estimate will only occur if other wage-based taxes are eliminated at the state and municipal levels.<br \/>\nCommerce Secretary Howard Lutnick, who assumed office in February, also voiced support for replacing the IRS with the \u201cExternal Revenue Service.\u201d<br \/>\nLutnick said that the US government cannot balance a budget yet consistently demands more from its citizens every year. Tariffs will also protect American workers and strengthen the US economy, he said.<br \/>\nMagazine: Elon Musk\u2019s plan to run government on blockchain faces uphill battle<a href=\"https:\/\/cointelegraph.com\/news\/president-trump-signs-reciprocal-tariff-executive-order?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsUnited States President Donald Trump signed an executive order establishing reciprocal tariffs on trading partners and a 10% baseline tariff on all imports from all countries. The reciprocal&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126352"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126352"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126352\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126352"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}