Key details on Trump's market-shaking tariffs
The Hindu
Trump announces new tariffs, including a 10% baseline rate, targeting major trading partners, with some exemptions and future considerations.
After weeks of anticipation, U.S. President Donald Trump unveiled sweeping new tariffs on trading partners Wednesday (April 2, 2025), calling it a "declaration of economic independence."
A fresh "baseline tariff" of 10% will apply to economies around the world, with steeper rates tailored to those that Washington deemed as bad actors. But there are some exemptions.
What are the details of Trump's latest announcement?
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A 10% "baseline tariff" kicks in at 12:01 am (0401 GMT) on April 5, while elevated rates for those the White House deemed "the worst offenders" take effect at 12:01 am (0401 GMT) on April 9.
The steeper additional tariffs impact major U.S. trading partners, with the European Union facing a 20% rate and China a 34% figure.
For China, the number stacks on an added 20% levy Mr. Trump imposed earlier this year over its alleged role in the illicit fentanyl supply chain, taking the new additional figure to 54%.
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