Trump implements a 10% standard tariff along with tariffs based on specific countries.

President Trump announced a 10% universal baseline tariff, effective April 5, with higher rates for specific countries, including China (34%), Japan (24%), the EU (20%), and Vietnam (46%), beginning April 9. These tariffs aim to match trade barriers imposed on the U.S. by these countries. Tariffs will apply only to non-U.S. content in goods unless 20% of the product's value is U.S.-made. Previously enacted tariffs on Canada and Mexico remain unchanged, and goods like steel and automobiles will not be subject to the new duties.