According to CCTV News, US President Donald Trump has announced the implementation of "reciprocal tariffs" on trade partners, a move that has heightened concerns about a full-scale trade war and a potential global economic slowdown.
On April 3, US stock markets plummeted, with all three major indexes in New York experiencing their worst single-day percentage declines in approximately five years. The S&P 500 alone lost roughly US$2.4 trillion in market value during the trading session.
Despite the sharp downturn, Trump told reporters that the reaction was "expected."
In a statement, the White House confirmed that a 10% "base tariff" on all countries will take effect at 12:01 a.m. Eastern Time on April 5, while a higher "reciprocal tariff" targeting major trade deficit countries will come into force at 12:01 a.m. Eastern Time on April 9.
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