The Trump administration took that formula’s figure, -0.5 for South Korea, and divided it by two to calculate the U.S. “discounted reciprocal” tariff rate. So, while South Korea imposes an effective tariff rate of .79 percent on U.S. goods, the reciprocal tariff rate the U.S. is imposing on South Korea is 25 percent.

President Donald Trump is scheduled to announce significant tariffs on other countries in a speech Wednesday afternoon at the White House.

President Donald Trump revealed his tariff plans as part of a "Liberation Day" ceremony at the White House. Uncertainty over tariffs has roiled financial markets in recent weeks.

Prime Minister Mark Carney told a press conference on Thursday (April 3) that Canada will impose a 25% tariff on all vehicles imported from the United States that are not compliant with the U.S.-Mexico-Canada trade deal.

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.

President Donald Trump rolled out a set of tariffs that he said would free the United States from a reliance on foreign goods. FOX 5 NY's Robert Moses is breaking down the details.

President Trump's new tariffs against more than 60 countries sent markets tumbling in Asia. CBS News New York's Jared Hill reports.

Trump announced sweeping tariffs Thursday, which caused markets to plummet, but the president believes they'll help the country going forward.

President Donald Trump's punishing tariffs rocked global financial markets on Thursday, with the dollar and U.S. stocks tumbling as investors rushed to safe havens on fears a broadening trade war would push an already fragile world economy into recession.