Trump's Latest Round Of Tariffs Are Poised To Go Into Effect. Here's What We Know

President Donald Trump has launched tariff wars with nearly all of America's trading partners. And there's no end in sight. A number of sweeping new taxes on goods from other countries are already here - and more took effect on Wednesday. Trump has promised higher rates for his latest and most severe volley of duties, which he calls "reciprocal" tariffs.

With so many back-and-forth tariff actions and threats, it can be tough to keep track of where things stand. Here's a rundown of what you need to know. What tariffs took effect on Wednesday? Trump announced his latest - and most sweeping - round of tariffs on April 2, which he dubbed "Liberation Day," as part of his "reciprocal" trade plan. In a fiery speech claiming that other countries had "ripped off" the US for years, Trump declared that the US would now tax nearly all of America's trading partners at a minimum of 10% - and impose steeper rates for countries that he says run trade surpluses with the US.

The 10% baseline already went into effect Saturday. And when the clock struck at midnight, the higher import tax rates on dozens of countries and territories took hold. The steeper levies run as high as 50% - with that biggest rate landing on small economies that trade little with the US, including the African kingdom of Lesotho. Some other rates include a tax of 47% on imports from Madagascar, 46% on Vietnam, 32% on Taiwan, 25% on South Korea, 24% on Japan and 20% on the European Union.

Economists warn that the levies will raise prices for goods consumers buy each day - particularly as these new tariffs build on some of previous trade measures. Trump last week announced a tariff of 34% on China, for example, which would come on top of 20% levies he imposed on the country earlier this year. Trump then added on another 50% levy on Chinese goods in response to Beijing's recently-promised retaliation. That took the combined total to 104% against China.

White House press secretary Karoline Leavitt said at a Tuesday briefing that Trump had not been considering an extension or delay for coming rate increases. Are more tariffs coming? As part of a flurry of countermeasures, China has said it will levy its own 34% tariff on all US goods - matching Trump's rate - starting Thursday. Trump was quick to criticize China's move - but China has maintained that it will "fight to the end" and take countermeasures against the US to protect itself.

On Tuesday, China's Commerce Ministry called Trump's threat to escalate tariffs "a mistake on top of a mistake" that "once again exposes the blackmailing nature of the US" The trade war between the US and China isn't new. The two countries had exchanged a series of tit-for-tat levies in recent months - on top of tariffs imposed during Trump's first term, many of which were preserved or added to under former President Joe Biden. While China has taken the toughest approach so far, several countries signalled that they are evaluating their own responses to Trump's levies. It's possible that we'll see more retaliation in the future, but some have signalled hopes to negotiate.

The head of the European Union's executive commission is among those offering a mutual reduction of tariffs - while warning that counter measures are still an option. Trump could also roll out more product-specific tariffs down the road. The president has previously threatened import taxes on goods like copper, lumber and pharmaceutical drugs - all of which are currently exempt from Trump's "reciprocal" levies. During a speech Tuesday night, Trump boasted he was offering "breaking news" before vowing, "We're going to be announcing, very shortly, a major tariff on pharmaceuticals.

" In the same remarks, the president lamented that the US no longer produces many of the pharmaceuticals its citizens take, and said new tariffs would change that - bringing production of medication back to the US What other import taxes are already here? A handful of tariffs are already in effect, including Trump's 10% baseline tax which took effect on Saturday. Prior to that sweeping levy, Trump had rolled out several other rounds of tariffs targeting particular countries and products.

His 25% tariffs on auto imports began last Thursday, with taxes on fully-imported cars. Those levies are set to expand to applicable auto parts in coming weeks, through May 3. Canada responded on Tuesday with a 25% levy on auto imports from the US that do not comply with the 2020 US-Mexico Canada Agreement. Those were slated to go into effect on the same day as Trump's higher tariffs on Wednesday.

Trump's expanded steel and aluminum tariffs came into effect in March. Both metals are now taxed at 25% across the board, with Trump's order to remove steel exemptions and raise aluminum's levy from his previously-imposed 2018 import taxes taking effect March 12. Beyond levies on China, Trump earlier targeted Mexico and Canada. They were spared from last week's heightened rates, Trump imposed - and later partially suspended - 25% duties on goods from both countries. Meanwhile, goods complying with the USMCA can continue to enter the US duty-free, according to the White House.

Other imports are still levied at 25%, as well as a lower 10% duty on potash and Canadian energy products. Once the two countries have satisfied Trump's demands on immigration and drug trafficking, the White House said the tariff on non-USMCA compliant imports will drop from 25% to 12%.

(PTI)