Trump declares a national emergency and imposes comprehensive tariffs.

According to CCTV News, on April 2 local time, the White House issued a statement saying that President Trump announced a national emergency to enhance the competitiveness of the United States, protect U.S. sovereignty, and strengthen national and economic security.

Charts displayed by Trump show that the U.S. will implement a 34% reciprocal tariff on China, a 20% reciprocal tariff on the European Union, a 10% reciprocal tariff on Brazil and the UK, a 31% reciprocal tariff on Switzerland, a 26% reciprocal tariff on India, a 25% reciprocal tariff on South Korea, a 24% reciprocal tariff on Japan, a 32% reciprocal tariff on Indonesia, and a 36% reciprocal tariff on Thailand.

The statement indicated that Trump will impose a 10% "baseline tariff" on all countries, which will take effect at 12:01 AM Eastern Time on April 5. Furthermore, Trump will impose personalized higher "reciprocal tariffs" on countries with the largest U.S. trade deficits, which will take effect at 12:01 AM Eastern Time on April 9, while all other countries will continue to adhere to the original 10% tariff baseline. The statement also noted that Trump has "modification authority" to raise or lower tariffs as necessary.

The statement mentioned that some products will be exempt from the "reciprocal tariffs," including steel and aluminum products already subject to Section 232 tariffs, automobiles and automotive parts, goods that may be subject to future Section 232 tariffs, and certain minerals and energy that are not available in the U.S. Additionally, gold bars, copper, pharmaceuticals, semiconductors, and wood products will also be exempt from the "reciprocal tariffs."

Furthermore, the statement indicated that for Canada and Mexico, goods that comply with the USMCA will continue to be exempt.

Despite Trump's claims that raising tariffs will help generate revenue for the U.S. government and revitalize American manufacturing, economists and business leaders warn that these tariff measures will raise prices, harm the interests of American consumers and businesses, disrupt global trade, and be detrimental to global economic development. Previously, several U.S. trading partners have indicated they will take countermeasures in response.