President Donald Trump signed an executive order Wednesday, enacting reciprocal tariffs on most nations, excluding Canada and Mexico.
A minimum 10% tariff will apply globally, with higher rates for countries deemed “worst” trade offenders, including 34% on China, 20% on the EU, and 46% on Vietnam. Turkey will face the baseline 10% tariff.
Trump declared this “economic independence,” aiming to boost domestic manufacturing and address trade “cheating.”
He stated, “We will supercharge our domestic industrial base.”
Approximately 60 countries will see tariffs exceeding 10%, according to a White House official.
The 10% tariffs begin April 5, with higher rates effective April 9.
Canada and Mexico are exempt, but could face tariffs if previous penalties are lifted.
Markets have declined since February, anticipating these measures.
Following the announcement, Nasdaq futures fell over 2.3%, and the S&P 500 slid over 1.5%.
The tariffs will remain until Trump deems the trade deficit and nonreciprocal treatment resolved.