Trump's Tariff Tsunami: A Global Trade Shake-up

President Donald Trump enacted sweeping new tariffs, taxing nearly all trade partners at a minimum of 10%, with higher rates for those with trade surpluses. The tariffs target small economies and major players like China and the European Union, potentially altering global trade dynamics drastically.

President Donald Trump has implemented far-reaching tariffs that went into effect just after midnight on Wednesday, affecting nearly all of America's trading partners.

Initially announced on April 2, these tariffs set a base tax rate of 10% on imports, with steeper rates for countries running trade surpluses with the United States. Trump's higher import taxes, targeting dozens of countries and territories, are now in effect.

The highest tariff rate reaches 50%, imposed on smaller economies such as Lesotho. Other targeted nations and territories include Madagascar, Vietnam, Taiwan, South Korea, Japan, and the European Union, with varying rates. Additionally, previously announced tariffs include a significant 34% tax on China, with potential increases if China retaliates.

(With inputs from agencies.)