Donald Trump‘s “Liberation Day” announcement of sweeping reciprocal tariffs sent the dollar plunging as global markets reacted to the news. It dropped roughly 0.8% against the pound, while the US Dollar Index, which compares the currency against rivals, also dipped by 0.8%.
The initial drop then levelled out as details of the US president’s blanket 10% tariff and additionally 25% levy on imported vehicles emerged. Wrapping up his speech, the Republican signed an executive order that will bring them into effect. He said: “We have some very, very good news today. A lot of good things are happening for our country.
“[I will sign] a historic executive order instituting reciprocal tariffs on countries throughout the world. Reciprocal. That means they do it to us and we do it to them. Very simple. Can’t get any simpler than that.”
The top three countries with the highest US reciprocal tariffs are: Cambodia (49%), Laos (48%), and Madagascar (47%).
The lowest rate of reciprocal tax the US president announced was 10%, which will now apply to countries including the UK, Brazil, Chile and Australia.
Mr Trump also claimed that US taxpayers have been “ripped off for 50 years” and pledged that it’s “not going to happen anymore”.
He added: “[The US has been] looted, pillaged, raped and plundered by nations near and far, both friend and foe alike.”
The president said “hardworking American citizens” have been forced to “sit on the sidelines as other nations got rich and powerful”.
He claimed this day would mark the beginning of a new “golden age of America” as the country will be “reborn”.
Mr Trump also boldly stated that the US had been “looted, pillaged, raped and plundered by nations near and far, both friend and foe alike”.
