President Trump slapped new taxes on almost every country that trades with America on Wednesday. He hit Zimbabwe with an 18 percent tax on everything they sell to America. Trump said at the White House that other countries have hurt America through unfair trade for years.
Last year, Zimbabwe sold $119 million worth of stuff to America. According to official numbers, they mostly shipped metals called ferroalloys worth $62.7 million, unprocessed tobacco worth $26 million, and raw sugar worth $14.5 million. Trump brought a big chart to show how much foreign countries charge America when we sell things to them. He named Zimbabwe one of 50 African nations that put high taxes on American goods.
Trump explained the new plan as partly fair, not totally fair. The chart he showed had numbers from 10 percent up to 50 percent. Most countries will pay about half the rate they charge America, but some will pay exactly what they charge us. According to Trump, Zimbabwe puts a 35 percent tax on American products when we ship there.
Under the new plan, different African countries face different tax rates. Botswana, famous for diamonds, will pay 37 percent. South Africa gets a 30 percent rate. Madagascar faces 47 percent taxes. Lesotho was hit hardest with a 50 percent rate. Trump put a 34 percent tax on Chinese goods and a 20 percent tax on European goods.
These actions might break apart the world trade system that America helped build after World War II. Trump used tough talk about how he thinks other countries treat America unfairly. Many experts worry these taxes will make everyday items more expensive for Americans. Houses, cars, and clothes might soon cost more money. The new rules could also hurt relationships with friendly countries.
Trump claimed American taxpayers have lost money for over fifty years because of bad trade deals. He promised this problem would stop with his new plan. The changes mark a huge shift that could shake up how countries work together on money matters.
Last year, Zimbabwe sold $119 million worth of stuff to America. According to official numbers, they mostly shipped metals called ferroalloys worth $62.7 million, unprocessed tobacco worth $26 million, and raw sugar worth $14.5 million. Trump brought a big chart to show how much foreign countries charge America when we sell things to them. He named Zimbabwe one of 50 African nations that put high taxes on American goods.
Trump explained the new plan as partly fair, not totally fair. The chart he showed had numbers from 10 percent up to 50 percent. Most countries will pay about half the rate they charge America, but some will pay exactly what they charge us. According to Trump, Zimbabwe puts a 35 percent tax on American products when we ship there.
Under the new plan, different African countries face different tax rates. Botswana, famous for diamonds, will pay 37 percent. South Africa gets a 30 percent rate. Madagascar faces 47 percent taxes. Lesotho was hit hardest with a 50 percent rate. Trump put a 34 percent tax on Chinese goods and a 20 percent tax on European goods.
These actions might break apart the world trade system that America helped build after World War II. Trump used tough talk about how he thinks other countries treat America unfairly. Many experts worry these taxes will make everyday items more expensive for Americans. Houses, cars, and clothes might soon cost more money. The new rules could also hurt relationships with friendly countries.
Trump claimed American taxpayers have lost money for over fifty years because of bad trade deals. He promised this problem would stop with his new plan. The changes mark a huge shift that could shake up how countries work together on money matters.
