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Trump signs sweeping new global tariffs
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Hear Trump break down tariffs on various countries
02:59 – Source: CNN
Hear Trump break down tariffs on various countries
02:59
• Sweeping tariffs: President Donald Trump declared a national economic emergency and announced tariffs of at least 10% across all countries, with rates going even higher for 60 countries deemed the “worst offenders,” according to White House officials.
• China hit hard: China, the second top importer to the US behind Mexico, will now face a 54% tariff under the new policy. Beijing, along with the EU, Japan and South Korea have already threatened retaliatory tariffs. Here’s what some world leaders are saying and this is a breakdown of tariffs by country.
• Markets rattled: US stocks plunged in after-hours trading as investors digested Trump’s decision to impose tariffs that could escalate a growing trade war and upend the global economy.
Four Senate Republicans joined with Democrats this evening to deliver a rare bipartisan rebuke to President Donald Trump over trade policy.
The Senate adopted a resolution by a vote of 51 to 48 aimed at blocking the Trump administration’s proposed tariffs on Canadian imports. The four Republicans who voted with Democrats were: Sens. Rand Paul, who cosponsored the resolution, Susan Collins, Mitch McConnell and Lisa Murkowski.
Lawmakers on both sides of the aisle are reacting to President Donald Trump’s announcement of a new, sweeping tariff plan today. Democrats issued warnings about the impact to Americans and Republicans backed the president, arguing their constituents should too.
Here’s what some Democrats said:
- Senate Minority Leader Chuck Schumer said Americans “should be outraged” and that “this is a huge tax on American families, all to help billionaires get a tax cut.” He argued the tariffs will increase costs and people might not be able to afford things like cars or a vacation.
- Sen. Andy Kim agreed: “They’re going to see this for what it is, which is a tax imposed on the American people by President Trump,” he told reporters.
- Sen. Ron Wyden, the top Democrat and ranking member of the Senate Finance Committee, called Trump’s plan “short-sighted.” He also said all of the uncertainty the president has created means businesses can’t be confident in making “investments based on today’s announcement. There is every chance in the world Trump wakes up in a week and decides to do something else.”
Here’s what some Republicans said:
- House Speaker Mike Johnson said Trump’s tariff policy would result in the impacted countries lowering their tariffs imposed on the US. He told reporters he was not concerned about the political impact and the president’s “vision” on tariffs shouldn’t be doubted because he delivered during his first term “the greatest economy in the history of the world.”
- Sen. Tommy Tuberville said that he is “100%” behind the tariff announcement. “We have to save the people and the industries of the United States,” he said. Pressed on how his constituents could react to higher prices, Tuberville said Alabamians trust Trump: “They believe him, and he’s trying something different. We have to have a different game plan.”
- Rep. Jim Jordan summed it up in a few words: “Americans trust President Trump on the economy!” he said on X.
Canadian Prime Minister Mark Carney said the reciprocal tariffs announced by US President Donald Trump will “fundamentally change the international trading system.”
Canada — like Mexico — was exempt from the reciprocal tariffs announced today but is still subject to a previously announced 25% tariff on goods that are not covered by the USMCA free-trade treaty.
Speaking after Trump’s announcement today, Carney said the US president “has preserved a number of important elements” of the commercial relationship between the two countries, but added that the fentanyl tariffs, tariffs on steel and aluminum, and tariffs on automobiles will remain in place.
Trump has tied tariffs on America’s three largest trading partners — Mexico, China and Canada — to his claims that they aren’t doing enough to prevent undocumented migrants and fentanyl from entering the US.
Carney also pointed to the additional tariffs the US has said it is considering, on pharmaceuticals, lumber and semiconductors.
The House may soon be forced to take a vote rebuking President Donald Trump’s tariff policy, despite GOP leadership efforts to block such a move.
Rep. Greg Meeks of New York, the top Democrat on the House Foreign Affairs Committee, said today that he plans to introduce a privileged resolution to force a vote over tariffs, a procedural maneuver that can be used to bypass leadership and force floor votes.
House GOP leaders have already moved to kill Meeks’ attempts to force a vote on previous Trump’s tariffs — and moved earlier this year to bar the chamber from any floor votes rebuking Trump’s tariff policy. But Democrats say that would not apply to Meeks’ new resolution.
If Meeks introduces it this week, the House could be forced to take a vote in the coming days, though GOP leaders would likely try again to halt that vote. The House is no longer in session this week.
For a president who ran on the promise of lowering prices for consumers on Day One, President Donald Trump’s first major economic initiative is a set of policies practically guaranteed to do the opposite.
The long awaited announcement today was, unsurprisingly, partly a political rally and partly an unveiling of his “Liberation Day” agenda — an across-the-board set of tariffs that represent the most fundamental shift in global trade since World War II.
In a 48-minute speech in the Rose Garden, Trump laid out the key points of his plan before veering into his trademark rambling about the price of eggs, violent gangs crossing the border, his approval ratings, “Sleepy Joe” and other things.
Here are the key points:
- The US will charge 10% baseline tariffs on practically all goods imported from other countries — meaning American importers will have to pay a surcharge to the US government for all manner of stuff produced overseas.
- In addition, Trump laid out “discounted” reciprocal tariffs on dozens of “worst offenders” — nations that have the highest trade deficits with the United States. The US will upcharge those imports at roughly half the rate those countries impose on US goods.
- Imported cars will be hit with a 25% tax effective at midnight.
Stock futures tumbled in response. Partly because investors know that tariffs raise prices and crimp growth and make it more likely the US will tip into a recession.
The thing concerning critics of tariffs — which is to say, virtually all mainstream economists, business leaders and investors — is the fundamental contradiction in what Trump believes the plan will accomplish.
He sees tariffs as a catch-all economic tool that can restore America’s manufacturing prowess, bring foreign nations to heel on key disputes, restore the balance of trade and bring in gobs of money that can help pay off the US deficit and reduce Americans’ tax burdens, as my colleague David Goldman writes.
And while tariffs can do some of those things, they can’t possibly achieve them at the same time. Consider this: If tariffs are a pressure campaign, they have to go away once countries acquiesce — poof goes the revenue.
There were a lot of flat-out false and exaggerated statements in Trump’s speech. But one thing he said rang true, in a way I’m sure he didn’t intend.
The Distilled Spirits Council of the United States said in a statement today that it urged President Donald Trump to “liberate the US spirits sector disputes by negotiating deals that get us back to fair and reciprocal zero-for-zero tariffs for spirits products.” That means it wants a return to no tariffs on both imports and exports.
The industry had this model with 51 countries and “flourished,” the council said.
The American spirits industry can be a target for retaliatory tariffs. The European Union decided to spike tariffs on American whiskey to 50% in March, which the council at that time called “deeply disappointing.” Canada currently has a 25% retaliatory tariff on all American spirits.
Treasury Secretary Scott Bessent has a message for any countries who are planning to swiftly react to President Donald Trump’s tariff plans: “Sit back, take a deep breath, don’t immediately retaliate.”
“Let’s see where this goes, because if you retaliate, that’s how we get escalation,” Bessent said in an interview with CNN’s Kaitlan Collins.
“A trade war depends on the country. But remember that the history of trade is we are the deficit country. The deficit country has an advantage. They are the surplus countries. The surplus countries traditionally, always lose any kind of trade escalation,” Bessent said. “As a student of economic history or a professor of economic history, I’d advise against it.”
The European Union, China, Japan, South Korea, Colombia and Mexico have previously said they would respond to Trump’s trade actions. Bernd Lange, chairman of the European Parliament’s International Trade Committee, on Wednesday called America’s new reciprocal tariffs “unjustified, illegal and disproportionate.”
But Bessent cautioned other countries that “doing anything rash would be unwise.”
He also suggested that the tariffs might not be permanent, telling Collins, he believes the Trump administration is going to “wait and see how this plays out.”
China, already subject to a 20% across-the-board tariff on goods it ships to the United States, will now face a 54% tariff.
That’s because President Donald Trump imposed a 34% reciprocal tariff on all Chinese imports that will come on top of the existing 20% tariff that Trump slapped on China to incentivize it to restrict the flow of fentanyl into the United States, White House Press Secretary Karoline Leavitt confirmed today.
That could raise prices substantially for a number of goods Americans buy from China. The United States imported $439 billion worth of goods from China last year, the second top source of imports behind Mexico.
And starting on May 2, the 54% tariff rate will also be applied to packages worth less than $800 coming to the US from China and Hong Kong, goods that were previously excluded from tariffs because of the so-called de minimis exemption. This means Americans who order goods from Chinese-based companies like AliExpress, Temu and Shein could have to pay 54% more.
If goods that cost less than $800 come through standard postal service, they’ll be charged at a rate of 30% or $25, increasing to $50 per package in June.
To skirt existing tariffs, some Chinese companies have shifted production to other Asian countries. But Trump’s new reciprocal tariffs on other Asian nations announced Wednesday will hurt China, too: Vietnam will face tariffs of 46% and Cambodian goods will be tariffed at a rate of 49%.
President Donald Trump announced sweeping tariffs of at least 10% on most goods coming into the US today.
Here’s how other countries are responding.
- Cecilie Myrseth, Norwegian minister of trade and industry, told Norwegian state broadcaster NRK: “We are doing the calculations and looking through what has come. But it is obvious that this is serious for the world economy, and it is critical for Norway. What we can at first glance is 20% tariffs against the (European Union), and at least 10–15% against Norway. That is of great importance, because we also send a lot of exports to the EU. So, it will also affect us. This is a serious day, and now, we need to get an overview of what this actually means for Norway.”
- Karin Keller-Sutter, president of the Swiss Federation, posted on X: “The Federal Council has taken note of the US decisions on tariffs. It will quickly determine the next steps. The country’s long-term economic interests are the priority. Respect for international law and free trade are fundamental.”
- Swedish Prime Minister Ulf Kristersson posted on X: “Sweden will continue to stand up for free trade and international cooperation,” he said in a video post. “Free enterprise and competition have laid the foundations of the West’s success. That’s why Americans can listen to music on Swedish Spotify and we Swedes can listen to the same music on our American iPhones. This is why I deeply regret the path the US has embarked upon, seeking to limit trade with higher tariffs.”
- Australian Prime Minister Anthony Albanese said during a news conference: “For Australia these tariffs are not unexpected but let me be clear — they are totally unwarranted. President Trump referred to reciprocal tariffs. A reciprocal tariff would be zero not 10%. The admin’s tariffs have no basis in logic and they go against the basis of our two nations’ partnership. This is not the act of a friend.”
- Ireland’s Taoiseach Micheál Martin said in a video posted on X: “My priority, and that of the government, is to protect Irish jobs and the Irish economy. And we will work with our companies, multinational companies and Irish companies, to navigate the period ahead.” He also said Ireland would work with the European Union to get on “a negotiation pathway with the US to limit the damage of these tariffs.”
- Poland’s Prime Minister Donald Tusk posted on X: “Friendship means partnership. Partnership means really and truly reciprocal tariffs. Adequate decisions are needed.”
- Danish Foreign Minister Lars Løkke Rasmussen, said in a post: “It’s beyond me that the US wants to start a trade war against Europe. No one’s a winner, everyone loses. Instead of raising walls, we should bring down barriers. Europe will stand united. Europe will give robust and proportional answers.”
This post was updated with more reaction from international leaders.
US stocks plunged in after-hours trading as investors digested President Donald Trump’s sweeping tariffs.
Dow futures fell more than 900 points, or 2.19%. S&P 500 futures sank 3.38%. Futures tied to the Nasdaq 100 dropped 4.28%.
“Trump is enacting a very aggressive tariff policy, far more aggressive than most investors thought possible six months ago,” said Jed Ellerbroek, portfolio manager at Argent Capital. “Painful times for stock market investors.”
Wall Street had been nervous about Trump’s tariffs, though some analysts expected stocks could rally if the tariff announcement was lighter than feared. Those hopes were dashed as Trump unveiled sweeping baseline 10% tariffs on all imports, plus higher rates for specific countries.
“While the market was positioned to bounce on a ‘less bad than expected’ tariff announcement, there is no way to spin today’s news as positive for the economy or stock market,” said Ellerbroek.
JoAnne Bianco, chief investment strategist at BondBloxx, said the US will continue to experience elevated uncertainty and market volatility as investors assess the “detrimental economic impact” of Trump’s tariffs.
Economists expect that Trump’s sweeping tariffs could upend global supply chains, stoke inflation and drag on economic growth. Apple (AAPL) tumbled more than 7% in after-hours trading. The tech giant relies extensively on supply chains in China, which will be subject to steep tariffs.
The other stocks leading markets lower in after-hours trading included Tesla (TSLA), which fell more than 5% and Amazon (AMZN), which fell more than 6%. Nike (NKE) plunged 7% and Walmart (WMT) fell 5%.
“President Trump just finished his tariff speech at the White House and we would characterize this slate of tariffs as ‘worse than the worst case scenario’ the Street was fearing,” said Dan Ives, senior analyst at Wedbush Securities, in a note.
Ives said “the jaw dropper” was Trump slamming hefty reciprocal tariffs on China, bringing its rate to 54%.
“The roller coaster ride continues as the initial leaks were positive … but then the details were released and they were far worse than expected,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management.
“The silver lining for investors could be that this is only a starting point for negotiations with other countries and ultimately tariff rates will come down across the board — but for now traders are shooting first and asking questions later,” said Zaccarelli.
President Donald Trump also repeated today his frequent false claim that, before his first presidency, China “never paid 10 cents to any other president” from tariffs.
To give himself broad powers to set tariffs, President Donald Trump has declared a national economic emergency, claiming the United States has been mistreated by foreign countries that are happy to sell US consumers goods but put up trade barriers to make American-made goods unattractive and uncompetitive.
America’s trade deficit means that the United States imported $1.2 trillion more goods than it exported in 2024 – a record. However, economists largely agree that the trade gap in goods doesn’t tell the whole story of America’s economic interactions with its trade partners. For example, the US has a surplus in services and last year, America exported $1.1 trillion worth of services, the highest on record.
The trade deficit is offset by exports of capital and financial accounts (US has a surplus), which include foreign asset transactions and international debt forgiveness.
Nevertheless, Trump has attempted to use tariffs to rebuild America’s manufacturing prowess.
Economist Justin Wolfers responded to the president’s tariff announcements Wednesday with a chart showing that the policy will give the United States “the highest tariff rates of any industrialized country. And it’s not even close.”
Comparing various countries’ average tariff rates from 2022, Wolfers says in the chart that “the Trump proposal for 2025 will be literally off the scale of this graph.”
President Donald Trump repeated his frequent false claim that, because of the tariffs he imposed on China during his first term, the US “took in hundreds of billions of dollars” that “they paid.”
President Donald Trump, claiming that “we subsidize a lot of countries,” falsely said today “it’s close to $200 billion a year” with Canada.
President Donald Trump today announced tariffs of at least 10% on practically all goods coming into the United States.
He also imposed higher rates on dozens of countries that have the highest trade deficits with the US.
Here are the key things to know from his Rose Garden announcement:
- Baseline tariff: Trump’s policy will put in place a 10% tariff on all goods from all countries except those compliant with the USMCA free trade agreement between Mexico, Canada and the United States (non-compliant goods will continue to be charged at a 25% rate). Importers of goods from other nations will begin paying the baseline 10% tariff on Saturday at 12:01 am ET.
- Reciprocal tariffs: A group of about 60 or so countries will be charged a tariff at half the rate they charge the United States. Those reciprocal tariffs will go into effect April 9 at 12:01 am ET, according to a senior White House official.
- Auto tariffs: Trump said that the US will impose a 25% tariff on all foreign-made automobiles effective at midnight ET to address “horrendous imbalances” that have impacted the country’s “industrial base” and put national security at risk.
- What Trump said: Billing his tariff announcement as “one of the most important days” in American history, Trump said it is a “declaration of economic independence.” The president said the country “can no longer continue with a policy of unilateral economic surrender” and said he is putting Americans first.
- Market reaction: Stocks had closed higher ahead of Trump’s tariff announcement, but began to slide as Trump revealed his administration’s plan for rolling out tariffs. Dow futures tumbled 256 points, or 0.61%. S&P 500 futures slid 1.69%. Futures tied to the Nasdaq 100 fell 2.54%.
President Donald Trump correctly noted in his speech today that Canada has tariffs exceeding 250% on some US dairy products. However, he falsely claimed that merely “the first little carton of milk” exported to Canada faces a “very low price,” but “then it gets up to 275, 300%.”
Trump also didn’t mention something the US dairy industry acknowledges: The US is not hitting its zero-tariff maximum level of exports to Canada in any category of dairy product, so the Canadian tariffs aren’t being applied; with regard to milk in particular, the US isn’t even at half of the tariff-free quota. (There is a vigorous US-Canada debate about why the US is so far from the maximum, with each country blaming the other. Regardless of who’s right, the tariffs aren’t hitting US milk.)
Trump has persistently omitted key facts about Canada’s dairy tariffs. You can read more here from this previous CNN fact check.
President Donald Trump’s newly announced tariffs will lead to higher costs for American families, the National Retail Federation warned today.
The immediate implementation of these tariffs is a “massive undertaking” and could negatively affect millions of US businesses, he noted.
The tariffs are expected to have a disproportionate effect on local communities and, especially, small retailers.
“More tariffs equal more anxiety and uncertainty for American businesses and consumers,” he said. “While leaders in Washington may not care about higher prices, hardworking American families do.”
Consumer spending powers more than two-thirds of the nation’s economic activity; so if that engine falters, the economic consequences can start spiraling.
Consumer confidence has cratered as the sheer unpredictability of Trump’s policies has increased uncertainty. Consumers also have reined in some spending to start the year.
Earlier today, the NRF released its 2025 retail sales forecast, projecting growth of between 2.7% and 3.7% to between $5.42 trillion and $5.48 trillion, marking a likely pullback from the 3.6% annual sales growth notched last year.
“It’s the hard data on employment, income and tariff-induced inflation — not consumer sentiment — that supports our view of a slower trajectory for consumer spending,” Jack Kleinhenz, the NRF’s chief economist said in a statement.
The Senate is expected to start voting around 6:45 p.m. ET on a Democrat-led measure to rebuke President Donald Trump over the tariff policy.
Vote timing in the Senate can be fluid, but that is the current schedule guidance, according to a Senate Republican whip notice.
US stocks tumbled in after-hours trading as President Donald Trump delivered remarks at the Rose Garden and unveiled sweeping tariffs.
Dow futures tumbled 256 points, or 0.61%. S&P 500 futures slid 1.69%. Futures tied to the Nasdaq 100 fell 2.54%.
Stocks had closed higher ahead of Trump’s tariff announcement, but began to slide as Trump revealed his administration’s plan for rolling out tariffs.
Exchange-traded funds that track the major stock indexes also tumbled in after-hours trading. An ETF tracking the Dow fell 1.1%, while an ETF tracking the S&P 500 slid 2.2% and an ETF tracking the Nasdaq 100 slid 3%.
Meanwhile, the most actively traded gold futures contract in New York briefly rose above $3,200 a troy ounce, a record high. Gold is up more than 20% this year and just posted its best quarter since 1986. Gold is considered a safe haven amid economic and political uncertainty.