The United States has introduced a 10% tariff on goods imported from Montenegro, according to a chart released Wednesday evening by the White House on its X account.
President Donald Trump announced that the U.S. is imposing “reciprocal tariffs” on all countries, approximately half the rate they charge Washington, as reported by Vijesti. Trump signed the executive order during an event at the White House, named Liberation Day, where he presented a table showing new tariffs for most countries ranging from 10% to 49%.
The tariffs came into effect at midnight.
The U.S. has imposed tariffs of 20% on the European Union, 10% on the United Kingdom, and 31% on Switzerland. China faces tariffs of 34%, Taiwan 32%, South Korea 25%, and Japan 24%. The highest tariffs are set for Cambodia at 49%, and Vietnam at 46%.
Other countries on the new tariff lists include Serbia (37%), Bosnia and Herzegovina (35%), and North Macedonia (33%).
Trump’s aggressive rhetoric follows his readiness to dismantle the global economic system, despite the U.S. playing a crucial role in establishing it after World War II. “For more than 50 years, they’ve been ripping off our taxpayers, but that will no longer happen,” Trump said at the White House.
The U.S. president has pledged that the imposition of tariffs will bring manufacturing back to the U.S.
However, this policy risks triggering an economic slowdown as consumers and businesses face the possibility of significant price increases on imported goods, including clothing and cars, which could also lead to rising costs for domestic products.
Despite troubling economic indicators such as stock declines and consumer fears, the Trump administration has not reconsidered its strategy.
White House trade advisor Peter Navarro argued that the new tariffs would generate $600 billion annually for the U.S., marking the largest increase in American tariffs since the end of World War II.
Commerce Secretary Scott Bessent told U.S. lawmakers that tariffs would be limited and could be reduced in bilateral negotiations with other countries.
It is expected that importers will pass the tariff burden onto consumers.
The premise of the Trump administration is that domestic manufacturers will quickly ramp up production and create new jobs in factories. However, given the broad implementation of tariffs of 20% and higher, most economic analyses predict that the economy will be damaged by high prices and stagnation. U.S. economic growth, as measured by GDP, is expected to be about 1% lower. Price increases are anticipated for cars, housing, food, and even insurance.
Trump is implementing these tariffs unilaterally and can do so without Congressional approval, leaving opposition Democrats to criticize his administration for the economic consequences.
In his first term, Trump also imposed tariffs, but they did not yield the desired effect.
