Trump announces sweeping tariffs ranging from 10 to 49%, will increase cost of everything
President Trump has announced new sweeping tariffs ranging from 10 to 49% on virtually every trade partner, which will increase the cost of almost everything in the US.
At an event referred to as both “make America wealthy again” and “liberation day” today, Trump has yet again updated his plans for sweeping tariffs on imported goods.
As usual, these plans are subject to change, as they have consistently changed over the last two months, but the President announced that they will now go into effect at midnight with two new executive orders:
- a closing of the de minimis loophole.
- a “reciprocal tariffs” order, which Trump describes as implementing tariffs equivalent to half the tariffs imposed by each country on the US.
As of the time of writing, the White House has yet to release the details on its website, but based on chart that Trump brought on stage at the event, it looks like it will result in tariffs ranging from 10 to 49% depending on the country.
It is being described as a 10% tariff on all imported goods plus an additional punitive tariff based on the perceived tariffs implemented by the country of origin, although Trump’s claims on foreign tariffs have been questioned before.
For example, it will result in 34% tariffs on all goods coming from China and 20% tariffs on everything coming from the European Union.
Separately, the President confirmed that the 25% tariffs on all foreign vehicles announced last week are also going into effect.
We shared a list of where electric vehicles available in the US are assembled to help people understand the impact of the tariffs on the EV industry.
However, the impact is expected to be much broader as automakers start taking into accounts the increased cost of parts from these new tariffs.
The US stock markets crashed on the news. Several countries confirmed that they plan to announce responses to the sweeping new tariffs.
Update: Here are some updates now that the White House has released the fact sheet on its website. Some of the statements included in the fact sheet unsurprisingly contradict what Trump announced on stage:
- Using his IEEPA authority, President Trump will impose a 10% tariff on all countries. -This will take effect April 5, 2025 at 12:01 a.m. EDT.
- President Trump will impose an individualized reciprocal higher tariff on the countries with which the United States has the largest trade deficits. All other countries will continue to be subject to the original 10% tariff baseline. -This will take effect April 9, 2025 at 12:01 a.m. EDT.
- Some goods will not be subject to the Reciprocal Tariff. These include: (1) articles subject to 50 USC 1702(b); (2) steel/aluminum articles and autos/auto parts already subject to Section 232 tariffs; (3) copper, pharmaceuticals, semiconductors, and lumber articles; (4) all articles that may become subject to future Section 232 tariffs; (5) bullion; and (6) energy and other certain minerals that are not available in the United States.
- For Canada and Mexico, the existing fentanyl/migration IEEPA orders remain in effect, and are unaffected by this order. This means USMCA compliant goods will continue to see a 0% tariff, non-USMCA compliant goods will see a 25% tariff, and non-USMCA compliant energy and potash will see a 10% tariff. In the event the existing fentanyl/migration IEEPA orders are terminated, USMCA compliant goods would continue to receive preferential treatment, while non-USMCA compliant goods would be subject to a 12% reciprocal tariff.
Electrek’s Take
This is getting boring. Trump does a big show about tariffs, saying they come into effect at midnight. Then, the actual release comes out saying that there are still a few days before it comes into effect—and therefore, plenty of time to fold again.
This has been going on for two months now.
The main results of the announcements are confusion and loss of credibility. I can almost guarantee that many of those tariffs will be removed before they go into effect later this week and next week.
He is even imposing a 10% tariff on countries that have trade deficits with the US. It makes no sense and destroys his own argument.
I can only assume he is going to try to sell them exemptions.
For the EV industry, like all cars, you can expect prices to go up, and therefore, the market will get smaller as fewer people can afford to buy new EVs. It might create a similar situation as during the pandemic, when used EV prices increased quite a bit with the new ones.
Now, the US also needs to wait for other countries’ responses.
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![This electric excavator has battery swap tech that lets it recharge in minutes [update]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/04/electric-excavator.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.
UPDATE: telematics announcement.
Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.
XCMG is delivering on part of that reduced downtime promise with the lower maintenance and easier repair needs of electric equipment, and delivering on the rest of it with lickety-quick DC fast charging that can recharge the machine’s massive battery in 1.5-2 hours … but that’s not the slick bit. The XCMG XE125EV can be powered up without leaving the job site thanks to its BYD battery swap technology.
We first covered XCMG and its battery swap technology back in January, and covered similar battery-swap tech being developed by MOOG Construction offshoot ZQUIP, as well – but while XCMG’s battery tech has been in production for several years, it’s still not widely known about in the West (even within the industry).
XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?
Easy in, easy out
The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.
You can check out all the XE215EV’s specs at this tear sheet, and get an in-person look at the Chinese company’s latest electric excavator this week in Munich, Germany.
Telematics announcement at bauma
Earlier today, XCMG launched its next-generation Xrea Global Telematics Platform, integrating IoT, big data, cloud computing, and AI to enable what it’s caling, “seamless cross-border fleet management.”
The new telematics platform supports a dozen languages via PC and mobile interfaces, and offers real-time diagnostics, predictive maintenance, and data-driven optimization of both the vehicle and the vehicle’s batteries, empowering equipment managers and fleet operators to track fleets across town, or across time zones.
“XCMG remains committed to advancing engineering technology to empower a sustainable future. Our mission is to deliver efficient, intelligent, and eco-friendly lifecycle solutions for global clients,” said Mr. Yang Dongsheng, Chairman of XCMG Group and XCMG Machinery. “Today, 19% of our product portfolio comprises green innovations under our ‘Green Mountain’ new energy line, with full electrification across all series underway.”
SOURCE | IMAGES: XCMG; via PR Newswire.
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![A vast 600 MW Texas solar farm just hit a major milestone [update]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/01/Hornet-Solar-Texas-2.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
Renewable developer Vesper Energy has cut the ribbon on Hornet Solar in Swisher County, Texas, one of the largest single-phase solar farms in the US.
As Electrek reported in January, the 600-megawatt (MW) Hornet Solar includes over 1.36 million modules covering more than 6 square miles. The project will contribute more than $100 million in new tax revenue to Swisher County and deliver 600 MWac of energy–enough to power 160,000 homes annually.
January 30, 2025: “The seamless coordination between our team and our EPC partner, Blattner, has enabled us to remain ahead of schedule and on budget while ensuring quality throughout the process,” said Juan Suarez, co-CEO of Irving-based Vesper Energy.
Hornet Solar uses bifacial solar panels mounted on a single-axis tracking system to maximize efficiency. The solar farm is connected to Oncor Electric’s transmission system within ERCOT and is contracted to provide power to four off-take partners through individual Virtual Power Purchase Agreements (VPPAs).
The Hornet Solar project in the Texas Panhandle is on track to be fully online by spring 2025.
Texas is a utility-scale solar leader in the US, with a ranking of No. 2 and 37,713 MW currently installed. It’s projected to install 51,144 MW over the next five years and move into the No. 1 spot, according to the Solar Energy Industries Association (SEIA). The total solar investment in the state is $45.2 billion.
On January 21, the SEIA, Conservative Texans for Energy Innovation (CTEI), Advanced Power Alliance (APA), and the Texas Solar + Storage Association (TSSA) reported that existing and expected utility-scale solar, wind, and battery storage projects will contribute over $20 billion in total tax revenue – and pay Texas landowners $29.5 billion – over the projects’ lifetimes.
Read more: Texas just became No 1 in the US for most utility-scale solar
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