President Donald Trump introduced his “discounted reciprocal tariffs” on over 200 countries on April 2. Most countries receive a base tariff rate of 10%, but for countries receiving more, the rates were calculated by halving a rate he displayed as “tariffs charged to the U.S.A. including currency manipulation and trade barriers.”

President Donald Trump promised tariffs that would raise U.S. import taxes high enough to mirror what other assess as trade penalties on American goods. Here's a look at how the White House got its numbers: Why do the new tariff rates often differ by country?

Tariffs are taxes charged on goods imported from other countries. Companies bringing the goods into the country pay the amount, typically a percentage of the goods' value, to the government. Trump has announced a 10% "baseline" tariff on all imports to the US – this is what the UK will face.

Trump imposed the steepest US tariffs in more than a century, stepping up his campaign to reshape global trade.

The Dow Jones Industrial Average dropped more than 1,600 points on Thursday as U.S. stocks led a worldwide selloff after the Republican president's announcement of tariffs against much of the world ignited a shock like none seen since the COVID-19 pandemic.

Trump said tariffs will force other countries to lower their own rates on U.S. goods and services. But other nations are planning to retaliate.

Trump's reciprocal tariffs, explained. President Trump announced yesterday that new tariffs would go into effect on imports from about 185 countries, including the U.S.’s larges