President Trump said this afternoon the US will begin collecting a 10% universal tariff on all imports starting April 5.

The 10% rates will be replaced by higher “reciprocal” tariffs of between 11% and 50% on products from 60 countries starting April 9.

Reciprocal tariffs are supposed to match tariffs and other barriers that the countries impose on US goods.

Trump said that true reciprocal tariffs in many cases would be double what he is imposing. He released a list of 180 countries overall that will be subject to reciprocal tariffs. However, the initial reciprocal rates for 120 countries will start at the same 10% rate as the universal tariff they replace. Some countries whose goods will be subject to higher rates are the following:

The full list of reciprocal rates can be found here.

The new tariffs will not apply to goods that have been loaded on a vessel at a port of loading and are in transit “on the final mode of transit” before the new rates take effect. Thus, the universal rate will not apply to goods in transit to the US before April 5. The reciprocal rates will not apply to goods in transit to the US before April 9.

The new tariffs are in addition to some existing tariffs. For example, Chinese goods will be subject to tariffs of 54% starting April 9: an existing 20% tariff that Trump imposed earlier plus a new reciprocal rate of 34%.

The new tariffs will not apply to certain articles that Trump has already singled out for current or possible future sector-specific tariffs, such as steel, aluminum, some downstream products that use steel or aluminum, copper, pharmaceuticals, autos and auto parts, semiconductors, certain critical minerals and energy and energy products.

They will not apply imports from Canada or Mexico as long as 25% tariffs remain in place against those countries. If those tariffs are suspended, then a 12% tariff would apply to goods that do not qualify as originating in Canada or Mexico under the US-Mexico-Canada free trade agreement.

They apply only to the non-US content of goods that include US components. However, at least 20% of the value of such goods would have to originate in the US.

A link to the full executive order imposing the tariffs can be found here: https://www.whitehouse.gov/presidential-actions/2025/04/regulating-imports-with-a-reciprocal-tariff-to-rectify-trade-practices-that-contribute-to-large-and-persistent-annual-united-states-goods-trade-deficits/

Trump threatened to increase the rates on any countries that retaliate against the US.

He said he could decrease the rates for countries that take “significant steps to remedy non-reciprocal trade arrangements and align sufficiently with the United States on economic and national security matters.”

US stock futures tumbled. The Dow futures were off 2.51% at 6:30 p.m. ET. The S&P was off 3.72%. The NASDAQ was off 4.59%.