"Reign Of Tariffs" Begins: All You Need To Know About Trump's "Reciprocal" Trade War

A lot has taken place over the past 24 hours, so here is our attempt at putting everything together:

Bottom Line:  President Trump announced reciprocal tariffs, imposing i) a minimum 10% tariff on all trading partners, and ii) higher rates for countries with large trade surpluses. Among these, China will face a 34% tariff (bringing the total effective tariff to a stunning 60%, see chart below) Japan 24%; South Korea 25%; EU 20%; Vietnam 46%; Taiwan 32%; Vietnam 46%; India 26%; UK, Australia and Brazil 10% (we discussed how these were calculated in a prior post); Canada and Mexico face 25% tariffs on non-USMCA compliant imports.