General
Thursday Briefing
The start of a global trade war.
President Trump signed an executive order on tariffs in the White House Rose Garden on Wednesday.Credit…Doug Mills/The New York Times
Trump imposed sweeping tariffs on imports
In a ceremony at the White House Rose Garden, President Trump unveiled his most expansive tariffs to date yesterday, including tariffs of at least 10 percent on all trading partners except Canada and Mexico, with duties stretching past 20 percent, 30 percent and even beyond for some nations.
He framed his policies as a response to a national emergency, saying that tariffs were needed to build up domestic production. Read more about his justification.
Wall Street shuddered in response, with early market reaction pointing to a further slide in the stock market and a weakening dollar. Analysts were still trying to work out how the tariff levels had been derived, and some said they were confused about the numbers. My colleagues are covering the reaction from around the world.
European officials are poised to respond with countermeasures. Although the E.U. has so far concentrated on imposing higher tariffs on a wide variety of goods, officials have discussed placing penalties like tariffs or market access restrictions on U.S. technology companies and even limiting American banks’ access to certain E.U. markets.
Quotable: “This is liberation day,” Trump said. He called the announcement “our declaration of economic independence” and described it as one of the most important moments in American history.
