Compiled from Signal news service reports.  In a speech at the White House Rose Garden on Wednesday, President Donald Trump said he would be signing an executive order implementing new reciprocal tariffs on U.S. trading partners  “In a few moments, I will sign a historic executive order in stituting reciprocal tariffs on countries throughout the world,” Trump said. “For decades, the United States slashed trade barriers on other countries, while those nations placed massive tariffs on our products and created outrageous non-monetary barriers to decimate our industries.”  As previously announced, Trump said 25% tariffs on foreign-made automobiles would go into effect at midnight.  Trump said during his announcement of reciprocal tariffs that “we’re standing up for the American worker, and we are finally putting America first.”  Trump outlined the disparity between tariffs charged by and charged to the United States, pointing out that the inequality occurs despite the fact that the United States supports other nations’ military and other endeavors.  According to the president, the new tariffs will cause a big financial turnaround.  “We’re going to be wealthy as a country because they’ve taken so much of our wealth away from us,” Trump said. “We truly can be very wealthy. We can be so much wealthier than any country, it’s not even believable.”  Trump rattled off a list of examples in which he said the United States had been ripped off on trade, vowing that “those days are over.”  On motorcycle imports, he noted, the United States charges other countries a 2.4% tariff.  “Meanwhile, Thailand and others are charging much higher prices, like 60%, India charges 70%, Vietnam charges 75%, and others are even higher than that,” Trump said.  He also cited car imports. He noted that the United States “for decades” has only charged a 2.5% tariff on foreign-made cars compared to much higher rates imposed by the European Union, India, South Korea and Japan on American cars.  “Such horrendous imbalances have devastated our industrial base and put our national security at risk,” Trump said.  He blamed “former presidents and past leaders who weren’t doing their job” for the disparity.  “They let it happen, and they let it happen to an extent that nobody can even believe,” he said. “That’s why, effective at midnight, we will impose a 25% tariff on all foreign-made automobiles.”  During his speech, Trump showed a chart of planned reciprocal tariffs on several U.S. trading partners.  “China, 67% — that’s tariffs charged to the USA, including currency manipulation and trade barriers,” he said. “So 67%, [we’re] charging a discounted reciprocal tariff of 34%” to China.  The European Union, which Trump said charges the United States 39% in tariffs, will receive 20% reciprocal tariffs.  “They’re very tough, very, very tough traders. You know, you think of [the] European Union, very friendly. They rip us off. It’s so sad to see,” Trump said.  Taiwan, which charges the United States 64% in tariffs, will likewise see a reciprocal tariff of 32%.  A minimum baseline tariff of 10% will also be imposed on all U.S. trading partners. “That’ll be on other countries to help rebuild our economy and to prevent cheating,” Trump said. “Foreign nations will finally be asked to pay for the privilege of access to our market — the biggest market in the world.”  Trump had a distinct message for any country that might request an exemption to the new U.S. tariffs policy: “Terminate your own tariffs, drop your barriers, don’t manipulate your currencies.”  According to the president’s comments about the changes, tariffs are only one part of the global trade puzzle, and many nations use other means to put the United States at a disadvantage.  Trump also offered a solution for companies that want no tariffs: “Build your product right here in America, because there is no tariff if you build your plant, your product in America.”  Jacob Burg, Samantha Flom and Savannah Hulsey Pointer contributed to this report  The post Trump to impose blanket 10% tariffs on countries with high trade barriers  appeared first on Santa Clarita Valley Signal. ...read more read less