President Donald Trump announced a new ten percent across-the-board tariff on all countries. Individualized higher reciprocal duties are being imposed on countries in which the U.S. has the largest trade deficits. “April 2nd, 2025, will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed and the day that we began to make America wealthy again.” Trump said unfair trade practices have harmed U.S. agriculture. “Today’s actions [are] also standing up for our great farmers and ranchers who are brutalized by nations all over the world,” he said, pointing to high Canadian dairy tariffs and European Union restrictions on American poultry. Trump also criticized Australia for banning U.S. beef while benefiting from $3 billion in beef exports to the U.S. last year. Canada and Mexico will be exempt from all the new tariffs. The preexisting 25 percent tariff on Canada and Mexico is still in effect, and goods that comply with the U.S.-Mexico-Canada Agreement will continue to receive preferential treatment and are exempt.
