Trump tariffs live updates: Steep 'Liberation Day' tariffs rock markets, reverberate across the world

Key Points

  • President Trump announced a 10% baseline tariff on all countries, with higher duties for certain partners.
  • The US stock market experienced significant declines following the tariff announcement.
  • The tariffs are part of an escalating trade war, including plans for 25% tariffs on foreign-made vehicles.
  • The move is expected to impact global trade significantly, with retaliation from trading partners.
  • The tariffs could cost US consumers billions in higher prices, particularly in the auto industry.

Summary

President Trump's announcement of broad reciprocal tariffs on all countries, dubbed "Liberation Day," has sparked a significant market reaction and global trade concerns. The baseline tariff of 10% across all countries, with higher duties for nations deemed as "bad actors," has led to a sharp decline in US stocks, with the Dow dropping around 1,260 points and the Nasdaq leading the slide. This escalation in the ongoing trade war includes plans for a 25% tariff on foreign-made vehicles, which could cost US consumers over $30 billion in the first year due to higher car prices and reduced sales. The tariffs are expected to have a profound impact on global trade, with countries like China, Vietnam, and Thailand facing steep reciprocal duties. Retaliation from trading partners is anticipated, and the move has been criticized for potentially damaging the world's poorest countries and disrupting established trade relationships. The Trump administration's approach seems to focus on reducing the US trade deficit, but it has raised concerns about inflation, a potential recession, and the overall fairness of global trade practices.

yahoo
April 3, 2025
Stocks
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