US President Donald Trump imposed a sweeping set of tariffs last week, marking a dramatic shift in American trade policy aimed at reducing deficits and supporting domestic manufacturing. The measures, brought in via executive order, have already begun to affect international markets and trading relationships.

From 5th April, a 10% flat-rate tariff came into force on all goods imported into the United States. While the tax is officially paid by the companies bringing goods into the country, the costs are expected to filter down to American consumers. Countries including the UK, Australia, Brazil, and the UAE were subject only to this baseline rate.

On 9th April, a second phase of the plan took will come into effect, targeting roughly 60 countries described by the White House as “worst offenders” in trade practices. These nations will be hit with higher, country-specific tariffs - with China facing a 54% rate, Vietnam 46%, the European Union 20%, and others receiving similarly steep charges. US officials argued that these countries imposed higher duties on American goods or maintain other unfair trade barriers.

Canada and Mexico will not be impacted by the new baseline tariff, having already been subjected to separate 25% tariffs in previous executive actions. Additionally, a new 25% tariff on all foreign-made cars came into immediate effect at midnight on the day of Trump’s announcement.