Trump unveils global reciprocal tariffs

(Reuters) -President Donald Trump on Wednesday unveiled global reciprocal tariffs during an event at the White House.

Following are highlights of Trump’s remarks:

* “In many cases, the friend is worse than the foe in terms of trade,” Trump said.

* “We subsidize a lot of countries and keep them going and keep them in business,” Trump said about trade partners, specifically Mexico and Canada. “Why are we doing this? I mean, at what point do we say you got to work for yourselves.”

* “We are finally putting American first,” Trump said.

* “Trade deficits are no longer merely an economic problem. They are a national emergency,” Trump said.

* Trump held up a board showing the new rates charged on most countries. Rates ranged from 10% to 49% on the first board and up to 50% on later boards.

* With a few exceptions, based on the charts Trump read out, the tariff rate being imposed by the U.S. on most countries was around half of what those countries charged. There were some exceptions in which the U.S. charged the exact rates that those countries charged, according to the chart.

* “This is not full reciprocal, it is kind reciprocal,” Trump said.

* Following is the list of new tariff rates Trump displayed.

Algeria 30%

Oman 10%

Uruguay 10%

Bahamas 10%

Lesotho 50%

Ukraine 10%

Bahrain 10%

Qatar 10%

Mauritius 40%

Fiji 32%

Iceland 10%

Kenya 10%

Liechtenstein 37%

Guyana 38%

Haiti 10%

Bosnia and Herzegovina 35%

Nigeria 14%

Namibia 21%

Brunei 24%

Bolivia 10%

Panama 10%

Venezuela 15%

North Macedonia 33%

Ethiopia 10%

Chana 10%

Country U.S. reciprocal tariffs

China 34%

European Union 20%

Vietnam 46%

Taiwan 32%

Japan 24%

India 26%

South Korea 25%

Thailand 36%

Switzerland 31%

Indonesia 32%

Malaysia 24%

Cambodia 49%

United Kingdom 10%

South Africa 30%

Brazil 10%

Bangladesh 37%

Singapore 10%

Israel 17%

Philippines 17%

Chile 10%

Australia 10%

Pakistan 29%

Turkey 10%

Sri Lanka 44%

Colombia 10%

Country U.S. reciprocal tariffs

Peru 10%

Nicaragua 18%

Norway 15%

Costa Rica 10%

Jordan 20%

Dominican Republic 10%

United Arab Emirates 10%

New Zealand 10%

Argentina 10%

Ecuador 10%

Guatemala 10%

Honduras 10%

Madagascar 47%

Myanmar (Burma) 44%

Tunisia 28%

Kazakhstan 27%

Serbia 37%

Egypt 10%

Saudi Arabia 10%

El Salvador 10%

Côte d’Ivoire 21%

Laos 48%

Botswana 37%

Trinidad and Tobago 10%

Morocco 10%

(Reporting by Washington Breaking News Team)