Donald Trump Tariff Announcement Highlights: Wall Street plunges 3.3% as global market turmoil deepens after tariffs

Donald Trump Tariff Announcement Highlights: US President Donald Trump has unveiled a comprehensive tariff policy, imposing at least a 10% duty on nearly all goods entering the United States. The move, announced in the White House Rose Garden, is aimed at correcting trade imbalances and bolstering American industries.

A 10% tariff will be applied to all imports from all countries, except those complying with the US-Mexico-Canada Agreement (USMCA). Goods from non-compliant USMCA nations will continue to face a 25% tariff. This new tariff structure takes effect on Saturday at 12:01 AM ET.

Approximately 60 countries with significant trade surpluses against the US will be subject to reciprocal tariffs. These tariffs will be set at half the rate those nations charge on American goods. This measure will come into force on April 9 at 12:01 AM ET.

In a move to protect the US auto industry, the administration will impose a 25% tariff on all foreign-made automobiles effective at midnight ET.

Trump justified this measure by citing "horrendous imbalances" in the trade sector that he claims have weakened the country's "industrial base" and posed national security risks.

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Tariff rates for major trading partners