President Trump has finally revealed his plans to impose reciprocal tariffs on countries worldwide, with tariffs ranging from a 10% "baseline" rate to higher duties for nations considered major violators by the administration. This move affects approximately 185 countries, including key trading partners of the United States.

The additional reciprocal tariffs vary, such as 34% on Chinese imports, 20% on European Union imports, 46% on imports from Vietnam, 32% on imports from Taiwan, and 26% on imports from India. These new tariffs are set to be enforced on April 9, and analysts project that the average tariff rate in the US could spike to 29%, the highest in a century.

As a result of these tariffs, markets are assessing the impact on major US companies. For instance, Apple's stock plunged over 7% following the announcement, given its reliance on overseas manufacturing locations like China, Vietnam, and India. Stock markets also experienced a downturn after the news.

While Mexico and Canada are temporarily excluded, they are still subject to the 25% tariffs imposed earlier. Additionally, a 25% tariff on foreign auto imports is scheduled to come into effect soon.

Under the new policy, even smaller nations and less significant US trading partners will feel the impact. Countries like the Marshall Islands, Turks and Caicos, Montenegro, Aruba, Grenada, and others will encounter the 10% baseline tariff. The White House also noted a 10% tariff on the Heard and McDonald Islands, territories belonging to Australia but uninhabited.

Bespoke Investment Group criticized the tariffs as excessively harsh. President Trump's announcement was made at the White House with these new measures taking effect soon.Alexandra Canal from Yahoo Finance reported on this development.

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