President Trump announced reciprocal tariffs for several nations on Wednesday.

Markets plummeted this week following tariffs imposed on more than 50 countries. The European Union was hit with 20% tariffs, China with 34%, and Japan with 24%.

A 10% tariff on all countries will take effect on April 5 at midnight. Higher tariff rates, including those on the countries mentioned above, will begin on April 9 at midnight.

Tariffs will be removed when trade deficits are minimized, and there are no counter actions deemed “threatening”.

Relevant Sources:

1. White House Release: whitehouse.gov
2. CNN Tariff Chart: cnn.com
3. White House Fact Sheet: whitehouse.gov