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4w ago

Trump's Universal Tariffs Take Effect, Triggering Global Trade Disruption

The U.S. begins enforcing a 10% baseline tariff on all imports, with higher rates for specific countries, as markets reel and nations retaliate.

British Prime Minister Keir Starmer looks on, during the day he meets with Barbados' Prime Minister Mia Mottley at Downing Street in London, Britain, April 4, 2025. Eddie Mulholland/Pool via REUTERS/File Photo
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Overview

  • The Trump administration's 10% baseline tariff on all imports officially went into effect on April 5, with higher tariffs on certain countries, including a 34% tariff on Chinese goods, set to follow.
  • China has retaliated with its own 34% tariff on U.S. imports, escalating fears of a global trade war and prompting concerns about long-term economic impacts.
  • Global markets have experienced historic losses, with the Dow Jones plunging over 2,200 points on Friday, marking one of the worst two-day declines in history.
  • Criticism has emerged over the administration's tariff calculation formula, with experts and think tanks arguing it is based on flawed assumptions, inflating tariff rates.
  • The tariffs have sparked legal challenges, domestic political divisions, and disruptions in industries, while some nations, including the UK and Vietnam, seek negotiations to mitigate the economic fallout.