President Donald Trump announced sweeping tariffs on most nations Wednesday, which his administration says will free the United States from relying on other countries for trade.
The president has framed these tariffs as “reciprocal” to match trade barriers that other countries impose on products from the U.S., dollar for dollar, but in reality, they are based on trade deficits instead. Stock markets around the globe and in the U.S. fell significantly the day after the tariffs were announced.
Here is what to know about these sweeping tariffs:
Trending: Why Do 10 Nurses at the Same Hospital Have Brain Tumors?
Who is hit by tariffs?
The vast majority of countries are facing new tariffs.
Trump imposed baseline 10% tariffs on all trading partners, with some countries facing steeper tariffs depending on their trade surpluses with the U.S.
These tariffs
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!