Trump Reciprocal Tariffs

Full list of reciprocal tariffs by country.

“Liberation Day” has come and gone, sending global markets into a tailspin. President Trump announced sweeping reciprocal tariffs on a litany of countries after the market closed on Wednesday, April 2, 2025, causing the S&P 500 shed 4.84% — falling from 5670.97 at the close of market on April 2, to 5,396.52 (close April 3, 2025).

Trump announced the incoming tariffs on March 26, 2025, along with signing an executive order imposing 25% tariffs on auto imports, and the market has slid 6.58% since the previous day prior to the announcement of the upcoming tariffs.

However, after markets tumbled for days, President Trump call for a 90-day pause on the reciprocal tariffs on April 9, 2025. This saw markets soar in the wake of the news.

The original reciprocal tariffs range from 10% to 50%, with Lesotho (50%), Saint Pierre and Miquelon (50%), Cambodia (49%), Laos (48%), Madagascar (47%), Vietnam (46%), Myanmar (44%), Sri Lanka (44%), Falkland Islands (41%) and Syria (41%) being the countries facing the 10 highest tariffs.

There was also be a blanket 20% tariff against European nations.

Trump imposed a flat 10 percent tariff on products coming from almost all the other trading partners of the US, impacting countries including Australia, the Dominican Republic, New Zealand and the United Kingdom.

The reciprocal tariffs went into effect starting April 5, 2025. However, with the 90-day pause on the reciprocal tariffs, all nations who were originally slated to be hit with retaliatory tariffs will now be subject to a flat 10% tariff. The only exception to this is China, who now face a 125% tariff rate, up from 104%, following China’s announcement that it would be levying retaliatory tariffs against the US on Wednesday April 9, 2025.