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President Trump’s sweeping new tariff plan reverberated through global markets, with U.S. stock futures slumping and the dollar tumbling to its lowest level of the year. Popular stocks such as Apple, Amazon and Nike were among the largest retreaters in offhours trading and oil prices slid.
Here’s what to know:
All U.S. imports will be subject to a 10% tariff, effective April 5.
Trump will impose even higher rates on some nations that the White House considers bad actors on trade. For example, Japan faces a 24% duty and the European Union faces a 20% levy, effective April 9.
China will be hit with a new 34% tariff, adding to previous duties, like the 20% tariff Trump imposed over fentanyl. That means the base tariff rate on Chinese imports will be 54%, before adding pre-existing levies.