FULL: U.S. Imposes New Duties on 60 Trading Partners | Trump's Tariff Timeline Explained | AF1E

[00:00:00]country and its taxpayers have been ripped off for more than 50 years, but it is not going to happen anymore.

[00:00:07]It's not going to happen.

[00:00:13]In a few moments, I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world.

[00:00:22]Reciprocal, that means they do it to us and we do it to them.

[00:00:27]So, if you look at that, China, first row. China, 67%. That's tariffs charged to the USA including currency manipulation. You know, you think of European Union, very friendly. They rip us off. It's so sad to see. It's so pathetic. 39%. We're going to charge them 20%. So, we're charging them essentially half.

[00:00:55]>> [cheering] >> so much >> You know, addressing some of those issues that we have, but also finding those areas of mutual cooperation so we can move forward.

[00:01:22]>> That's great. Very nice. Thank you very much. It's a very nice statement.

[00:01:32]>> We have >> [clears throat] >> uh reached the an agreement on a 90-day pause.

[00:01:42]uh and substantially moved down the tariff levels. Both sides on the reciprocal tariffs will move their tariffs down 115%.

[00:01:56]>> Fantastic job.

[00:01:58]He didn't need this. didn't need it.

[00:02:00]>> And the tariffs are so important and that's why we were so happy with the decision yesterday where the uh tariffs continued because without the tariffs our nation would be imperiled.

[00:02:12]We all know the great Prime Minister of the UK and we just signed a document. This is Sorry about that.

[00:02:22]>> A very important document.

[00:02:27]>> We just signed it and it's done.

[00:02:29]And so we have our uh trade agreement.

[00:03:24]Japan is putting up 550 billion dollars in order to lower their tariffs a little bit. That way they have a little bit lower tariff.

[00:03:32]And they also opened their country to free trade which nobody thought was even a possibility.

[00:03:38]>> Uh we've reached a deal.

[00:03:41]It's a uh good deal for everybody, I believe.

[00:03:45]And uh it's I think you were saying this is probably the biggest deal ever reached in any capacity, trade or beyond trade.

[00:03:53]>> is. It's a It's a giant deal with lots of countries, but I think it's the biggest deal ever made. Thank you very much. Congratulations.

[00:04:02]>> [applause] >> Well, we're negotiating right now, and there's also BRICS, you know, they have BRICS, which is a basically a group of countries that are anti the United States, and India is a member of that, if you can believe it. And it's an attack on the dollar, and we're not going to let anybody attack the dollar, so But he's a very tough negotiator. That's not good.

[00:05:05]The very, very distinguished and respected President I'd love to get rid of the extra 10%. I put a 20% penalty on that.

[00:05:15]I had a great conversation about it with President Xi yesterday, and I'd love to get rid of the other. As soon as we see that, we'll get rid of the other 10%.

[00:05:24]Uh other than that, we haven't cut the tariffs at all with China.

[00:05:28]But we're going to have a great relationship with them, I think, for a long period of time. And he's a great guy, and most people love him. Some people don't like We hit Switzerland very hard.

[00:05:37]We want Switzerland to remain successful, and you know, we're a part of Switzerland in the sense that they've been a very good ally.

[00:05:44]Uh yeah, we're working on them and some others, and we're working on others to increase them a little bit, too.

[00:07:20]Wow.

[00:07:21]The Supreme Court's ruling on tariffs is deeply disappointing.

[00:07:29]And I'm ashamed of certain members of the court, absolutely ashamed, for not having the courage to do what's right for our country.

[00:07:38]Democrats on the court are thrilled, but they will Foreign countries that have been ripping us off for years are ecstatic.

[00:07:49]They're so happy.

[00:07:52]And they're dancing in the streets, but they won't be dancing for long. That I can assure you.

[00:07:57]automatically vote no. They're an automatic no, just like in Congress.

[00:08:00]They're an automatic no.

[00:08:02]In actuality, why?

[00:08:04]While I am sure that they did not mean to do so, the Supreme Court's decision today made a president's ability to both regulate trade and impose tariffs more powerful and more crystal clear rather than less.

[00:08:19]I don't think they meant that. I'm sure they didn't.

[00:08:34]We all did a great trade deal, but the European Union has not adhered to it.

[00:08:39]So, we've increased the tariffs on all cars coming into the United States by 25% and trucks.

[00:09:52]>> [applause] [cheering] [applause] [applause] >> It means that diamonds that are polished in our country can now move freely without tariffs to the United States. And why is it so important? The United States is 55% or more of world diamond consumption. So it's our major export partner when it comes to exporting polished diamonds.

[00:11:03]There's no mining or manufacturing happening in the United States. So there's no local domestic market that needs to be protected from European diamonds. But it's good news because when the Supreme Court struck down the tariff basis, the emergency act, we went back to 10%.

[00:11:22]In our world for many many decades, there's been zero tariff on exports of polished diamonds. In a world where uh margins are under high pressure, including in our midstream in the entire global diamond industry, as many uh know, uh a 10% tariff means a big difference.

[00:11:41]A lot of people will have hold held on to certain shipments that they wouldn't have sent to the United States under 10% tariff, and that they will send now. And um knowing my uh people in my industry very well, um they will do so immediately. So, I expect that today our diamond office in Antwerp will be very busy with people who have been waiting for this moment and hoping for this moment uh to happen. And um we will see in the next couple of weeks, even though it's a summer recess, so it's a it's a very slow period, um but I am I'm expecting to see some uptick in in goods going to the United States from Antwerp.

[00:12:19]It's always difficult, and especially in these circumstances and in this context, to predict what happens next. What we do know is that this new tariff regime has a very solid legal base. Um so, what we expect is that this new regime will continue to be in place, perhaps even much longer after this uh presidential term ends. So, we're we're hopeful, um we're cautious, but we're hopeful that this is a regime that will stay in place for a for a longer time. And that means de facto that we were would return to um pre-liberation day tariffs, um as we have enjoyed them for for many decades.

[00:12:55]So, that is good news for the industry at large.

[00:13:41]>> China's position on the economic and trade issues between China and the United States is consistent and clear.

[00:13:48]We oppose all forms of unilateral tariff measures. A tariff war or trade war serves the interests of no one.