President Trump delivers remarks on reciprocal tariffs during a White House Rose Garden event Wednesday. Photo: Brendan Smialowski/AFP via Getty Images
The details around "Liberation Day" tariffs have arrived.
A baseline 10% tariff will be placed on U.S. imports, with steeper reciprocal levies slapped on goods from a slew of other nations, President Trump announced from the White House Rose Garden this afternoon.
By the numbers: The reciprocal tariffs hit dozens of nations, including some of the country's largest trading partners, Axios' Courtenay Brown writes.
For China, the U.S. is levying a 34% tariff. Vietnam is getting 46%. Those were the two hardest hit. Other levies:
European Union: 20%
Japan: 24%
Thailand: 36%
Taiwan: 32%
India: 26%
Market impact: Stocks, which rose a bit as Trump started speaking, reversed sharply and plunged as he unveiled the reciprocal rates.
Between the lines: The tariffs have been tailored based on how unfairly the administration says the countries treat U.S. exporters.
The rates, calculated by Trump's top economists at the Council of Economic Advisers, are meant to hit back at the tariff and non-tariff trade barriers.
Trump said the published rates are half as high as the original calculations.
The big picture: This is Trump's gamble to revive domestic manufacturing, raise revenues to offset tax cuts and push other nations to adhere to nontrade-related demands.
The bottom line: The announcement ends the free-trade era that has defined global commerce for decades — a move that risks higher consumer prices and economic damage.
