President Trump imposes reciprocal tariffs to match duties put on American goods by other countries
President Donald Trump holds a signed executive order on tariffs, in the Rose Garden at the White House in Washington, D.C., April 2, 2025. Photo by Leah Millis/Reuters
U.S. President Donald Trump announced on Wednesday that he would impose reciprocal tariffs to match duties put on American goods by other countries.
“It’s our declaration of independence,” Trump said at an event in the White House Rose Garden. “We will establish a minimum baseline tariff of 10%.”
Reuters:
Rates for China would be set at 34% for China, while the European Union and Japan would face 20% and 24%, respectively.
S&P 500 futures reversed gains and fell to a 1.6% loss, suggesting investors expect deep losses when Wall Street opens on Thursday. Nasdaq futures, reflecting tech companies such as Apple, Nvidia and Microsoft, were down 2.3% after gaining earlier on Wednesday.
I see this as net positive. For the most part, these tariff levels are just the starting point for further negotiations. And Mexico and Canada are still exempt from further tariffs. I think the market will settle down and begin to parse the details and realize it’s at worst a mixed bag of news.
I’m looking at the big technology companies that are sitting on enormous piles of cash. If they’re going to get pinched by this retreat, I’m a buyer on weakness. It’s just the market over-reacting, and I’m very happy to take advantage of that. — Jason Britton, Chief Investment Officer, Reflection Asset Management, Charleston, South Carolina
MacDailyNews Take: Let the negotiations begin!
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