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<h1>Trump Imposes 10% Global Import Tax with Higher Rates for Trade Surplus Countries Under Emergency Powers Act</h1> President Trump announced a 10% baseline tax on imports from all countries, with higher rates for nations with trade surpluses with the US, including 34% on China, 20% on the EU, 25% on South Korea, 24% on Japan, and 32% on Taiwan. Declaring a national economic emergency, the President implemented these tariffs without congressional approval using the 1977 International Emergency Powers Act. The administration claims the tariffs will boost US manufacturing and generate $600 billion annually. Critics warn of potential inflation, economic slowdown, and trade wars, estimating households could face $3,400-$4,200 in additional costs. Trading partners are preparing countermeasures, with the EU indicating readiness to retaliate if necessary.