The baseline tariff came into place as stock markets plummeted after Donald Trump’s radical trade rules were announced on so-called « Liberation Day ».
Donald Trump’s baseline tariff of 10% on products from all countries worldwide has taken effect.
The blanket tariff was announced by the US president on Wednesday evening, when his speech on so-called « Liberation Day » sent shockwaves across the global stock market as he unleashed sweeping taxes on imports.
Much higher tariffs against what Mr Trump branded as the « worst offenders », such as a 20% rate for the EU and a 34% one for China, are set for 9 April.
A 25% tariff imposed on all foreign cars imported into the US came into effect on Thursday.
The baseline tariff came into place as stock markets plummeted amid a trade war sparked by Mr Trump’s radical measures and China’s retaliatory tariffs of 34% on US imports from 10 April.
