President Donald Trump announced new tariffs on April 2 for nearly all U.S. trading partners to help spur manufacturing in the United States.
According to Axios, Chinese imports will be subject to 54 percent tariffs beginning next week, a figure that adds the 34 percent reciprocal rate with the previous 20 percent already in effect.
Also from Axios:
- Manufacturers who shifted production to Vietnam to avoid China tariffs will now face a 46 percent tariff.
- Imports from Japan, South Korea, and India now face tariffs of upwards of 25 percent.
- European imports will face 20 percent tariffs, while vehicles manufactured there are subject to 25 percent tariffs as of April 3, under a policy announced last week.
These tariffs could have significant ripple effects across industries that rely on these imported materials. The water well drilling industry relies on U.S.-produced steel, so it won’t be affected as hard as other industries. But there are some drilling companies and equipment manufacturers that source steel and aluminum from international suppliers.
The new tariff announcement is in addition to the recent 25-percent tariff on auto imports; specific tariffs to China, Canada, and Mexico; and steel and aluminum tariffs.
Click here to read the White House announcement.