Key details on Trump’s market-shaking tariffs

After weeks of anticipation, US President Donald Trump unveiled sweeping new tariffs on trading partners Wednesday, calling it a “declaration of economic independence.”

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A fresh “baseline tariff” of 10 percent will apply to economies around the world, with steeper rates tailored to those that Washington deemed as bad actors. But there are some exemptions.

What are the details of Trump’s latest announcement?

NEW TARIFFS

A 10 percent “baseline tariff” kicks in at 12:01 am (0401 GMT) on April 5, while elevated rates for those the White House deemed “the worst offenders” take effect at 12:01 am (0401 GMT) on April 9.

The steeper additional tariffs impact major US trading partners, with the European Union facing a 20 percent rate and China a 34 percent figure.

For China, the number stacks on an added 20 per-cent levy Trump imposed earlier this year over its alleged role in the illicit fen-tanyl supply chain, taking the new additional figure to 54 percent.

Other key partners include India with a 26 percent added rate, South Korea at 25 percent and Japan at 24 percent.