Baseline of 10% applies to nearly all nations, with higher rates to follow for some.
Trump’s tariffs announced on April 2
Businesses and investors are bracing for the fallout from new tariffs on just about everything the U.S. imports, which took effect Saturday.
The 10% tariffs, which President Trump announced this week, apply to nearly all nations.
After the mid-week announcement, Wall Street was plunged into a two-day rout that erased $6.6 trillion in stock-market value. Trump on Saturday morning urged Americans to stay the course through what he called an economic revolution, promising in a social-media post that “it won’t be easy, but the end result will be historic.”
Here's what else you need to know:
A recession will be hard to avoid, even if Trump scales back his tariff plans in the coming weeks, a JPMorgan economist said.
Retaliatory tariffs are in the offing with China, the U.S.’s third-largest trading partner, saying it would impose a 34% tariff on U.S. goods starting Monday, and the European Union also has planned retaliatory tariffs.
Vietnam has offered to lower its own tariffs on U.S. goods to zero, Trump said Friday, in an attempt to get a reduction in the 46% tariff he has planned for the rising manufacturing economy. The administration had repeatedly signaled that it would give few, if any, exemptions to the tariffs. But officials later reversed course.
