President Donald Trump announced Wednesday his decision to impose extensive economic tariffs on various foreign countries worldwide, yet three notable countries were excluded from the list.
Mexico, Canada, and Russia were left off of the long list of tariff proposals that the president displayed at the White House.
Trump leveled tariffs on Mexico and Canada prior to his tariff event on Wednesday on select industries, including a 25 percent duty on auto imports.
According to a White House fact sheet, products from Canada and Mexico following the guidelines of President Donald Trump’s USMCA trade pact signed in 2020 would remain free of tariffs. However, commodities such as non-compliant energy and potash would face a ten percent tariff.
‘That stays exempt for now,’ Treasury Secretary Scott Bessent confirmed in an interview with Fox News at the White House after Trump’s announcement.
The treasury secretary explained that Russia was left off of the list because the United States did not trade with them.
He remarked, ‘”Well, Russia and Belarus are not in the trade agreement, correct?” alluding to the existing economic sanctions against Russia due to its incursion into Ukraine. “They are already under sanctions.”‘
Bessent admitted that some tariffs on countries like China were higher than expected, but said they were part of a negotiating process.
U.S. President Donald Trump displays a chart on tariffs in the Rose Garden at the White House
U.S. Treasury Scott Bessent arrives to the U.S. Capitol
He urged every country alarmed by President Trump’s actions to take stock in the new tariffs before reacting dramatically.
‘My advice to every now is do not retaliate. Sit back. Take it in. Let’s see how it goes. Because, if you retaliate, there will be escalation. If you don’t retaliate, this is the high water mark,’ he said.
Trump did not hold back as he announced sweeping tariffs across the world, including on American allied countries.
‘My fellow Americans, this is liberation day, we’ve been waiting for a long time,’ Trump said.
China, one of the United States’ largest trading partners, would be hit with a 54 percent tariff according to Trump’s chart that he revealed during the event.
US President Donald Trump signs an executive order after delivering remarks on reciprocal tariffs during an event in the Rose Garden
A chart that shows the “reciprocal tariffs” the U.S. is charging other countries are on display
President Donald Trump holding up a just signed executive order at a ”Liberation Day” event where the president signed an executive order creating reciprocal tariffs.
Trump’s opening salvo on tariffs has already sent stock market values plunging as uncertainty plagues global economists and investors.
Fitch Ratings revealed that Trump’s new tariffs would raise trade levels from just 2.5 percent last year to 22 percent, the highest levels since 1910.
During the event at the White House, the president singled out several countries specifically for ripping off the United States.
Trump singled out the European Union as ‘very tough, very, very tough traders’ and proposed a 20 percent tariff.
President Donald Trump speaks during an event to announce new tariffs in the Rose Garden at the White House
(L-R) US Treasury Secretary Scott Bessent, US House Speaker Mike Johnson, US Vice President JD Vance, US Secretary of State Marco Rubio, and US Defense Secretary Pete Hegseth listen as US President Donald Trump (not pictured) announces reciprocal tariffs
You think of European Union, very friendly. They rip us off. It’s so said to see. It’s pathetic,’ Trump said.
He proposed a 46 percent tariff on Vietnam, noting they were ‘great negotiators’ and ‘great people’ but said that the United States suffered a 90 percent trading rate.
Other tariffs included 32 percent for Taiwan, 24 percent on Japan and 26 percent on India.
Stock futures fell steeply after Trump’s announcement as futures connected to the Dow Jones Industrial Average lost 1,007 points, or 2.3 percent. S&P 500 futures dropped 3.4 percent and Nasdaq-100 futures lost 4.2 percent, according to CNBC.
American companies relying on imported goods such as Nike and Apple each dropped about seven percent.
Futures for bargain retailers such as Dollar Tree lost 11 percent and Five Below lost 15 percent.
