US President Donald Trump has announced a fresh round of tariffs, imposing a 37% duty on imports from Bangladesh as part of a sweeping policy to match trade restrictions placed on American goods by other nations.
The move, declared during a speech in the White House Rose Garden on 03/04/2025, is expected to escalate tensions with trading partners worldwide, reports Reuters.
Among other significant measures, Trump introduced a 10% baseline tariff on all imports, with higher levies on major economies such as China (34%), India (26%), and the European Union (20%).
Vietnam faces one of the steepest increases at 46%, while Cambodia will be subjected to a 49% tariff.
"It's our declaration of independence," Trump stated, framing the policy as a corrective measure against what he describes as unfair trade practices.
However, the administration has yet to publish the official enforcement notice, leading to uncertainty in financial markets.
The tariffs mark a dramatic reversal from decades of trade liberalisation, with analysts warning of potential repercussions on global economic growth.
Market volatility surged in anticipation of the announcement, with US stocks having already lost nearly $5 trillion in value since February.
Business leaders and economists have expressed concerns that the tariffs could disrupt supply chains, raise consumer prices, and slow global manufacturing activity.
The administration, however, maintains that the policy will help restore US manufacturing dominance.
Trump has previously imposed 20% duties on all Chinese imports and 25% tariffs on steel and aluminium, extending them to nearly $150 billion worth of downstream products.
Trading partners are expected to retaliate, raising the spectre of further economic fallout.
