A new wave of substantial tariffs introduced by President Donald Trump commenced early Wednesday, impacting a wide array of imports from numerous countries globally.
This latest series of reciprocal tariffs surpasses the base rate of 10% that was implemented on various nations over the preceding weekend.
Tariffs are now applied to imports from 86 countries, with rates ranging from 11% to a staggering 84%.
Particularly affected is China, which will face an unprecedented cumulative tariff of 104% on its exports to the U.S. This figure includes a previously imposed 20% duty, an additional 34% tariff, and a last-minute elevation of 50% that Trump enacted late Tuesday.
Among the nations with significant tariff increases, Lesotho ranks second, with a steep 50% duty imposed on its exports to the United States.
Cambodia follows closely, with a new tariff rate of 49% now applied to its imports as of Wednesday.
Adjacent Southeast Asian nations, Laos and Vietnam, will face tariffs of 48% and 46%, respectively.
In the wake of Trump’s April 2 announcement regarding these tariffs, U.S. stock market indices have experienced four consecutive days of declines.
Both the White House and Trump himself have dismissed worries surrounding the downturn in the stock market.
“America is going to be very rich again very soon,” Trump stated during a press conference at the White House on Tuesday.
Following the implementation of the new tariffs, Asian markets witnessed declines on Wednesday, with South Korea’s benchmark Kospi officially entering a bear market.
