Trump announced sweeping new tariffs targeting nearly all U.S. trading partners, marking his most significant move yet against the global trade system, according to Bloomberg. All exporters to the U.S. will face a 10% baseline tariff, while countries with the most significant trade deficits will be hit with higher reciprocal rates, including China, the EU, and Vietnam. Canada and Mexico will be exempt from the new tariffs while existing duties related to drug trafficking and illegal migration remain. Trump declared a national emergency to invoke the International Emergency Economic Powers Act, citing the more than $900 billion trade gap. For more coverage on tariffs and how they impact your portfolio, visit benzinga.com.
