Trump Announces New Tariffs Targeting Imports from China, EU, and Other Countries

In a Rose Garden ceremony on Wednesday, U.S. President Donald Trump said he intends to immediately sign an order for "reciprocal tariffs" to be levied against U.S. trading partners.

The U.S. will impose a tariff rate of 10% on all goods from foreign trading partners, President Donald Trump said on Wednesday at a Rose Garden ceremony, where he also announced a 25% tax on imported automobiles.

"We'll be levying a tariff of 10% on all goods sold in the U.S. that are made in another country, beginning at midnight on Friday, April 5," Trump said. "It's an across-the-board tariff and it will vary by country, but it will be at least 10%."

The president added that some of the tariffs will begin as early as Thursday at midnight.

The first specific tariff announced at the ceremony was a 25% levy on all foreign-made autos, starting Thursday, April 3.

Among country-specific tariffs: China will see a rate of 34%, Vietnam 46%, Taiwan 32% South Korea 25%, European Union 20%, Switzerland 31%. According to a White House fact sheet, these country-specific tariffs will start at midnight on Monday, April 9.

The price of bitcoin (BTC) initially rose in the ceremony's early stages, but began to give ground as the tariffs were detailed. The price has retreated to $86,000, about 1% from prior to the announcements.

Also, U.S. stock index futures are plummeting, with the Nasdaq 100 lower by 2.3% and the S&P 500 by 1.7%.

Gold, meanwhile, shot higher to a new record high just below $3,200 per ounce.

UPDATE (March 2, 2025, 21:50 UTC): Adds details about tariff implementation dates.