A White House chart claims Bangladesh effectively imposes a 74% tariff on American goods. In response, a "discounted reciprocal tariff" of 37% will now be applied to Bangladeshi exports to the US, reported Dhaka Tribune.

The measure was introduced as part of Trump's "Liberation Day" trade initiative.

The initiative was launched as a baseline 10% tariff on all imports.

Global Trade War

Triggering almost a global trade war, US President Donald Trump on Wednesday announced tariffs of at least 10 percent on almost all goods from other countries, plus even higher rates for many nations, including friends, but deemed to be “worst offenders”.

Addressing an audience in the Rose Gardens of the White House, including rows of construction helmet-wearing workers, Donald Trump said: “The tariffs will not be fully reciprocal. I could have done that, I guess. But it would have been tough for a lot of countries."

His nearly 50-minute-long speech from the White House Rose Garden was attended by his cabinet and representatives of the US steel and auto industries besides people from the working class. He called April 2 a "Liberation Day" for Amercia.

Among the countries being targeted with reciprocal tariffs are China, Vietnam, Taiwan, Japan, India, South Korea, Thailand, Switzerland, Indonesia, Malaysia, Cambodia and the European Union.

Trump announced a 34 percent reciprocal tariff on China, 26 percent on India and 20 percent on the European Union.

"The United States imposes a 2.5% tariff on passenger vehicle imports (with internal combustion engines), while the European Union (10%) and India (70%) impose much higher duties on the same product.

"For networking switches and routers, the United States imposes a 0% tariff, but India (10-20%) levies higher rates. Brazil (18%) and Indonesia (30%) impose a higher tariff on ethanol than does the United States (2.5%).  For rice in the husk, the U.S. imposes a tariff of 2.7%, while India (80%), Malaysia (40%), and Turkey (31%) impose higher rates," his factsheet posted on the White House site said.

Apples enter the United States duty-free, but not so in Turkey (60.3%) and India (50%),  it said.

Trump Targets China, EU, India

Trump announced at least 10% tariffs on the UK and 20% on the EU.

He said China is charging the US 67 percent but the US will now charge it 34 percent. He also called China a currency manipulator.

"EU charges us 39 percent, we will charge 20 percent," he said, adding that Vietnam, which charges 90 percent tariff, will be charged 40 percent while Taiwan, which charges 64 percent, will be charged 32 percent.

He said Japan is very tough charging 46 percent, and much higher for certain items like cars, and so the US will charge them 24 percent. Trump said beginning tonight, the US will impose a 25 pecent tariff on all foreign-made automobiles.

"India is very very tough. They charge us 52 percent," he said. The US will now charge a 26 percent tariff on India.

Trump's new policies and tariffs are going to upend the global trade and economic equilibrium.