Trump's Reciprocal Tariffs Begin
President Donald Trump's "reciprocal" tariffs on dozens of countries took effect on Wednesday.The new duties, which were announced on April 2 in a speech delivered from the White House Rose Garden, are in addition to the 10 percent tariff the president placed on all global imports beginning on April 5.
According to the administration, the measure will correct long-standing global trade imbalances that have disadvantaged the U.S. and motivate companies to relocate their manufacturing operations in the country.
Since Trump's announcement, several countries have sought trade talks with the administration, hoping to reduce the rates at which their exports will be taxed. The new duties include a 20 percent tariff on goods from the European Union, 25 percent on South Korean imports and 24 percent on Japanese imports.
China, meanwhile, has responded with its own tariffs while vowing to "fight till the end," raising concerns of a prolonged trade conflict.
Countries are hoping the administration will shift its stance on the permanence of the tariffs, with Treasury Secretary Scott Bessent saying almost 70 nations had reached out to negotiate down their duties.
The Frank
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