April 3, 2025

U.S. President Donald Trump on Wednesday signed an executive order on "reciprocal tariffs," imposing a "minimum baseline tariff" of 10 percent and higher rates on certain trading partners.

The "reciprocal" tariffs, Trump said, were a response to duties and other non-tariff barriers put on U.S. goods. He argued that the new levies will boost manufacturing jobs at home.

U.S. stock futures dropped sharply after the announcement, following weeks of volatile trading as investors speculated about how the incoming tariffs might affect the global economy, inflation and corporate earnings. U.S. stocks have erased nearly $5 trillion of value since February.

Read more: