EconomyApril 2, 2025

Trump Announces Reciprocal Tariffs

Rates range from 10% to 49%, depending on the country.

Reported by Matt Toledo

President Donald Trump announced Wednesday evening reciprocal tariffs on all U.S. trading partners, charging half the rate of other countries’ tariffs on the U.S., he said.

The tariffs, announced in a speech in the Rose Garden of the White House, are in addition to a baseline 10% tariff, which will apply to all imported goods.

Under Trump’s plan, the U.S. will impose reciprocal tariffs of 20% on the European Union, 24% on Japan, 25% on South Korea, 34% on China, 36% on Thailand, 37% on Bangladesh, 44% on Sri Lanka, 46% on Vietnam and 49% on Cambodia, among the announced rates.

The reciprocal tariff rates were determined by the tariffs the countries charge on imports from the U.S., Trump said, including “currency manipulation and trade barriers,” according to a poster of tariff rates shown at Wednesday’s event.

Additionally, the U.S. will implement a 25% tariff on all imported automobiles, effective April 3.

S&P 500 futures fell about 3% from the start of Trump’s remarks after he announced the reciprocal duties.