Trump announced sweeping new tariffs targeting nearly all U.S. trading partners, marking his most significant move yet against the global trade system, according to Bloomberg. All exporters to the U.S. will face a 10% baseline tariff, while countries with the most significant trade deficits will be hit with higher reciprocal rates, including China, the EU, and Vietnam. Canada and Mexico will be exempt from the new tariffs while existing duties related to drug trafficking and illegal migration remain. Trump declared a national emergency to invoke the International Emergency Economic Powers Act, citing the more than $900 billion trade gap. For more coverage on tariffs and how they impact your portfolio, visit benzinga.com.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02President Trump announced sweeping new tariffs targeting nearly all U.S. trading partners,
00:07marking his largest move yet against the global trade system, according to Bloomberg.
00:11All exporters to the U.S. will face a 10 percent baseline tariff,
00:15while countries with the largest trade deficits will be hit with higher reciprocal rates,
00:19including China, the E.U. and Vietnam. Canada and Mexico will be exempt from the new tariffs
00:25while existing duties related to drug trafficking and illegal migration will remain in place.
00:30Trump declared a national emergency to invoke the International Emergency Economic Powers Act,
00:36citing the more than $900 billion trade gap.
00:39For more coverage on tariffs and how they impact your portfolio, please visit Benzinga.com.
00:44For all things money, visit Benzinga.com slash GSTV.