![A chart showing the rate of tariffs US President Trump imposed on select countries in 2025.]() President Donald Trump’s expansive tariff announcement, which combines a baseline 10% tariff on all imports and higher levels on specific countries, reverberated through global markets. US stocks dropped in after-hours trading, while markets in Asia plunged. The dollar also weakened.
Trump moved forward with the levies — which included duties of 34% on
China, 46% on Vietnam, 26% on India, 24% on Japan and 20% on EU —
despite warnings about their effects on US consumers, who now stand to
pay broadly higher prices (even if a few specific goods, like semiconductors and steel,
got carve-outs). “Stuff is going to get a lot more expensive really
fast,” said Semafor’s Liz Hoffman. The 10% tariff takes effect on April
6, while the higher levies go into force on April 9 — leaving some time
for possible negotiation. |