Mil
President Donald Trump announced plans to impose an across-the-board 10% tariff on all U.S. trading partners — as well as higher duties on dozens of other countries — as he pledged to embark on the biggest reorganization of global trade relations since World War II.
In addition to the 10% baseline tariff, the Trump administration will also impose reciprocal duties on other countries the White House has deemed the “worst offenders” when it comes to trade imbalances with the U.S. Those duties will be equal to half that of the rates those countries charge on American exports.
But far from providing an immediate jolt to the U.S. economy, the tariffs are expected to take a toll on many companies whose products rely on global supply chains could be forced to raise prices or endure thinner profit margins. The White House and its surrogates have attempted to communicate a message of patience and endurance, warning that some pain will be ahead, but that the trade-off would be worthwhile eventually.
Markets plunged in after-hours trading Wednesday, as Trump held a poster up listing various tariff levels for U.S. trading partners.
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