Trump Adds Reciprocal Tariffs to 10% Universal Tariff [US Reciprocal Tariffs Begin]
Summary
- President Trump announced the imposition of a 10% basic tariff and additional reciprocal tariffs for each country.
- He mentioned that customized reciprocal tariffs would be applied to China, Japan, and Korea, advising investors to be cautious.
- It was reported that major U.S. stock index ETFs plummeted, indicating a negative impact on the market.
On the 2nd (local time), U.S. President Donald Trump announced at the White House in Washington, D.C., that a basic tariff of 10% would be applied to all countries starting from the 3rd, in addition to customized reciprocal tariffs for each country.
At the event, President Trump stated, "We will impose roughly half of what they (the opposing countries) are imposing on us as tariffs," adding, "So it's not a complete reciprocal tariff."
On this day, President Trump showed a large chart listing the tariffs imposed by each country on the U.S. and the reciprocal tariffs the U.S. would impose in response.
He announced, "We will impose tariffs of 34% on China, 24% on Japan, and 25% on Korea." With the basic tariff applied, China will face a 44% tariff, Japan 34%, and Korea 35%.
Following President Trump's announcement of large-scale tariff impositions, ETFs linked to major U.S. stock indices plummeted in after-hours trading. SPDR S&P 500 ETF Trust* fell by 2.2%, and Invesco QQQ Trust dropped by 3%.
The White House announced that the 10% basic tariff rate would be implemented for all countries starting April 5.
New York = Park Shin-young, Correspondent nyusos@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
