When Will Trump’s Tariff’s End?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108127933-17440569022025-04-07t201357z_142193552_rc27tdaib6pb_rtrmadp_0_usa-trump-tariffs-israel-820x546.jpeg" alt="" class="wp-image-607109" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108127933-17440569022025-04-07t201357z_142193552_rc27tdaib6pb_rtrmadp_0_usa-trump-tariffs-israel-820x546.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108127933-17440569022025-04-07t201357z_142193552_rc27tdaib6pb_rtrmadp_0_usa-trump-tariffs-israel-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108127933-17440569022025-04-07t201357z_142193552_rc27tdaib6pb_rtrmadp_0_usa-trump-tariffs-israel-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108127933-17440569022025-04-07t201357z_142193552_rc27tdaib6pb_rtrmadp_0_usa-trump-tariffs-israel-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108127933-17440569022025-04-07t201357z_142193552_rc27tdaib6pb_rtrmadp_0_usa-trump-tariffs-israel.jpeg 1520w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">U.S. President Donald Trump gestures during a meeting with Israeli Prime Minister Benjamin Netanyahu (not pictured) in the Oval Office at the White House in Washington, U.S., April 7, 2025.  Kevin Mohatt | Reuters</figcaption></figure>



The meaning of the word “reciprocity” is being strained by the Trump administration. Not only did the White House use a bizarre formula to determine the degree of its “reciprocal” tariffs on other countries, but it also refused to return the favor when Vietnam and the European Union offered to remove tariffs on U.S. imports.



White House trade advisor Peter Navarro said on CNBC’s “Squawk Box” that it’s Vietnam’s “nontariff cheating that matters,” citing examples such as how Chinese goods are often exported from Vietnam and intellectual property theft. This suggests that the Trump administration sees tariffs not just as a means to address U.S. trade imbalance (which, itself, is already not a good indicator of economic health), but also a way of fundamentally changing the way global trade and manufacturing are being conducted.



Business leaders, many of them steering companies that rely on — and have profited from — the current economic paradigm, are starting to voice their concerns and even vent their displeasure at Trump tariffs. Some are supporters and donors of the Republican Party. With the Trump administration’s idiosyncratic understanding of “reciprocity,” however, it seems unlikely it will repay their goodwill with its own.



<h2 class="wp-block-heading" id="h-what-you-need-to-know-today"><a></a>What you need to know today</h2>



Nasdaq rises and Asian shares rebound U.S. markets mostly fell Monday. The S&amp;P 500 lost 0.23% and was briefly in bear market territory — a 20% fall from its recent high — during the trading session. The Dow Jones Industrial Average dropped 0.91%, and swung 2,595 points from low to high, its largest intraday point swing ever recorded. But the Nasdaq Composite edged up 0.1% as investors bought some megacap tech stocks — but Apple was bludgeoned again. Asia-Pacific markets climbed Tuesday, rebounding from heavy losses the previous day. Japan’s Nikkei 225 jumped nearly 6% and Hong Kong’s Hang Seng Index added 0.3%.



China pledges to ‘fight to the end’ U.S. President Donald Trump on Monday threatened to slap additional 50% tariffs on China — which would bring total duties on Chinese imports to 104% — after Beijing retaliated with its own levies of 34% on all U.S. goods. On Tuesday, China’s Commerce Ministry said it “resolutely opposes” Trump’s additional tariffs and vowed to “fight to the end,” according to a statement translated by CNBC.



White House rejects 0% tariff deals That said, even if China had offered concessions to the United States, the Trump administration might not have budged. White House trade advisor Peter Navarro said Monday that an offer by Vietnam to eliminate tariffs on U.S. imports “means nothing to us because it’s the nontariff cheating that matters.” Trump also rejected the European Union’s offer of “zero-for-zero” tariffs with the U.S. for industrial goods.



Growing fears and dissatisfaction Business leaders are sounding the alarm over the potential fallout from Trump tariffs. BlackRock CEO Larry Fink said Monday that “Most CEOs I talk to would say we are probably in a recession right now.” JPMorgan Chase CEO Jamie Dimon, in his annual shareholder letter Monday, wrote that tariffs are likely to cause “inflationary outcomes” and “will slow down growth” of an “already weakening” economy. And Home Depot co-founder Ken Langone, a megadonor to the Republican Party, called the 46% import duties on Vietnam “bulls&#8212;.”



[PRO] Waiting for ‘sustained bottom’ DoubleLine Capital CEO Jeffrey Gundlach said on CNBC’s “Closing Bell” Monday that he’s concerned over the lack of bounce in the market, and would hold cash until the S&amp;P 500 hits a “sustained bottom.” Here’s where Gundlach thinks the S&amp;P 500 could end up before it starts to rise again.   



<h2 class="wp-block-heading" id="h-and-finally"><a></a>And finally&#8230;</h2>



European and Asian defense stocks have rallied this year. A lack of trust in the U.S. could be driving those gains



While stocks have generally sold off after U.S. President Donald Trump announced his plan for “reciprocal tariffs,” European and Asian arms manufacturers are still posting respectable gains on a year-to-date basis, with some rising over 100%.



Veteran investor and strategist at Quantum Strategy David Roche told CNBC the rise in defense stocks outside of the U.S is due to the reduction in trust of the U.S. as an ally.



After the Trump administration’s rattling of long-held global alliances, countries have poured money into their own defense budgets, sending defense stocks higher. In Germany, lawmakers passed a&nbsp;historic debt reform, paving the way for a huge splurge on defense. U.K. Prime Minister Keir Starmer has also&nbsp;pledged to hike Britain’s national spending on defense.

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The Trump administration wants more than 0% tariffs

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-820x462.png" alt="" class="wp-image-605140" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-820x462.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-768x432.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs.png 1480w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">U.S. President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., on April 2, 2025.
Leah Millis | Reuters</figcaption></figure>



<h2 class="wp-block-heading">Richard Branson: Reverse ‘colossal mistake’ of tariffs or face ‘ruin’</h2>



Billionaire Richard Branson is warning that the U.S. “will face ruin for years to come” if the Trump administration does not immediately “change course” on its tariff policies.



“The US government can still turn things around, but it must act in the next few hours,” the Virgin Group co-founder wrote on X.



“This is the moment to own up to a colossal mistake and change course. Otherwise, America will face ruin for years to come,” he wrote.



—&nbsp;Kevin Breuninger



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<h2 class="wp-block-heading" id="h-fake-news-white-house-dismisses-report-of-trump-considering-90-day-pause">‘Fake news’: White House dismisses report of Trump considering 90-day pause</h2>



The White House dismissed a wire headline that said Trump is considering pausing new tariffs for 90 days.



“Fake news,” White House Press Secretary Karoline Leavitt told CNBC’s Eamon Javers after a headline that cited Kevin Hassett, the director of the National Economic Council.



Trump himself posted on social media a video of Fox Business host Maria Bartiromo saying, “Rates are plummeting, oil prices are plummeting, deregulation is happening.”



“President Trump is not going to bend,” Bartiromo said in the video.



&#8211; Dan Mangan



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<h2 class="wp-block-heading">Trump: ‘Not sustainable’ for U.S. to lose $1.9 trillion on trade</h2>



Trump writes that it’s “not sustainable” for the U.S. to “lose $1.9 trillion on trade” in a&nbsp;<a href="https://truthsocial.com/@realDonaldTrump/posts/114297055955956469" target="_blank" rel="noreferrer noopener">post</a>&nbsp;just now on Truth Social.



Trump’s post includes a video of him talking to reporters, in which he also says that the U.S. can’t lose money on trade “and also spend a lot of money on NATO in order to protect European nations.”



— Erin Doherty



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<h2 class="wp-block-heading" id="h-tesla-shares-are-down-20-since-lutnick-urged-buy-tesla">Tesla shares are down 20% since Lutnick urged ‘Buy Tesla’</h2>



Tesla shares are trading around 20% lower than they were when Lutnick urged people to “Buy Tesla” last month.



Lutnick touted Tesla, whose CEO is the Trump administration DOGE chief Elon Musk, in a March 19 interview on Fox News.



“It’s unbelievable that this guy’s stock is so cheap,” Lutnick said. “It’ll never be this cheap again.”



As it turns out, it would be.



— Dan Mangan



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<h2 class="wp-block-heading" id="h-canada-initiates-wto-dispute-over-auto-tariffs">Canada initiates WTO dispute over auto tariffs</h2>



Canada filed a dispute with the the World Trade Organization concerning Trump’s 25% tariffs on automobiles and automobile parts imported from Canada into the U.S.



Canada requested WTO dispute consultations with the U.S. concerning the new levies, the global trade organization said. The WTO says the request for consultations formally initiates a dispute in the organization.



Consultations will give the parties an opportunity to discuss the matter without proceeding further with litigation. After 60 days, if consultations have failed to resolve the dispute, the complainant may request adjudication by a panel, according to the WTO.



Canada claims the measures are inconsistent with the U.S.′ obligations under various provisions of the “General Agreement on Tariffs and Trade” of 1994.



— Michael Wayland

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White House denies that Trump is considering 90-day tariff pause

Why More NFL

Why More NFL, MLB And NBA Teams Are Not Publicly Traded

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-1701923070-820x547.jpg" alt="" class="wp-image-474613" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-1701923070-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-1701923070-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-1701923070-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-1701923070-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-1701923070-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-1701923070-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Jamie Dimon, chief executive officer of JPMorgan Chase &amp; Co., during a Bloomberg Television interview on the sidelines of the JPMorgan Tech Stars Leadership Forum in London, UK, on Monday, Oct. 2, 2023. &#8220;Your children are going to live to 100 and not have cancer because of technology,&#8221; Dimon said. Photographer: Jason Alden/Bloomberg via Getty Images</figcaption></figure>



JPMorgan Chase CEO Jamie Dimon said Monday that tariffs announced by President Donald Trump last week will likely boost prices on both domestic and imported goods, weighing down a U.S. economy that had already been slowing.



Dimon, 69, addressed the tariff policy Trump announced on April 2 in his annual shareholder letter, which has become a closely read screed on the state of the economy, proposals for the issues facing the U.S. and his take on effective management.



“Whatever you think of the legitimate reasons for the newly announced tariffs – and, of course, there are some – or the long-term effect, good or bad, there are likely to be important short-term effects,” Dimon said. “We are likely to see inflationary outcomes, not only on imported goods but on domestic prices, as input costs rise and demand increases on domestic products.”



“Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth,” he said.



Dimon is the first CEO of a major Wall Street bank to publicly address Trump’s sweeping tariff policy as global markets crash. Though the JPMorgan chairman has often used his platform to highlight geopolitical and financial risks he sees, this year’s letter comes at an unusually turbulent time. Stocks have been in freefall since Trump’s announcement shocked global markets, causing the worst week for U.S. equities since the outbreak of the Covid pandemic in 2020.



His remarks appear to backtrack earlier comments he made in January, when Dimon said that people should “get over” tariff concerns because they were good for national security. At the time, tariff levels being discussed were far lower than what was unveiled last week.



Trump’s tariff policy has created “many uncertainties,” including its impact on global capital flows and the dollar, the impact to corporate profits and the response from trading partners, Dimon said.



“The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time and would be hard to reverse,” he said. “In the short run, I see this as one large additional straw on the camel’s back.”



<h2 class="wp-block-heading" id="h-not-so-sure"><a></a>‘Not so sure’</h2>



While the U.S. economy has performed well for the past few years, helped by nearly $11 trillion in government borrowing and spending, it was “already weakening” in recent weeks, even before Trump’s tariff announcement, according to Dimon. Inflation is likely to be stickier than many anticipate, meaning that interest rates could remain elevated even as the economy slows, he added.



“The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and ‘trade wars,’ ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility,” Dimon said.



Dimon also struck a somewhat ominous note considering how much U.S. stocks have already fallen from their recent highs. According to the JPMorgan CEO, both stocks and credit spreads were still potentially too optimistic.



“Markets still seem to be pricing assets with the assumption that we will continue to have a fairly soft landing,” Dimon said. “I am not so sure.”



This story is developing. Please check back for updates.

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon Interview

JPMorgan CEO Jamie Dimon says Trump tariffs will boost inflation, slow an already weakening U.S. economy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108126913-17437914272025-04-04t165538z_1655625369_rc24rdaletk4_rtrmadp_0_usa-trump-tariffs-820x461.jpeg" alt="" class="wp-image-606703" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108126913-17437914272025-04-04t165538z_1655625369_rc24rdaletk4_rtrmadp_0_usa-trump-tariffs-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108126913-17437914272025-04-04t165538z_1655625369_rc24rdaletk4_rtrmadp_0_usa-trump-tariffs-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108126913-17437914272025-04-04t165538z_1655625369_rc24rdaletk4_rtrmadp_0_usa-trump-tariffs-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108126913-17437914272025-04-04t165538z_1655625369_rc24rdaletk4_rtrmadp_0_usa-trump-tariffs-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108126913-17437914272025-04-04t165538z_1655625369_rc24rdaletk4_rtrmadp_0_usa-trump-tariffs-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108126913-17437914272025-04-04t165538z_1655625369_rc24rdaletk4_rtrmadp_0_usa-trump-tariffs.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Dado Ruvic | Reuters</figcaption></figure>



U.S. President Donald Trump’s tariffs and subsequent actions by other nations have cast a shadow over investors’ portfolios. Markets largely fell all around the world following the announcements, and the sell-off has extended into Monday.  Trump and his administration has been defiant, with the U.S. president saying “it won’t be easy” and urging Americans to “hang tough” in a Truth Social post late Friday.  Over the weekend, the European Union was reported to also be readying tariffs, targeting up to $28 billion of U.S. imports, marking the latest escalation in this conflict. China and Canada had also announced retaliatory measures last week.  With such market losses, a predicted rise in consumer prices, and an increased risk of a recession from tariffs, it is admittedly hard to see what “victory” looks like for Trump who said in 2018 that “trade wars are good, and easy to win!”



— Lim Hui Jie



<h2 class="wp-block-heading" id="h-what-you-need-to-know-today"><a></a>What you need to know today</h2>



Markets set to extend losses U.S. stock futures dropped on Monday morning, portending a third day of losses after a two-day historic stock market rout. Dow Jones Industrial average futures fell 1,033 points, or 2.68%, pointing to another brutal session ahead on Monday. S&amp;P 500 futures shed 3.34%. Nasdaq-100 futures lost 4.26% as investors continued to shed their one-time tech winners to raise cash. Asia-Pacific markets extended their sell-off on Monday as fears over a global trade war fueled a risk-off mood. Hong Kong markets led losses in the region, with the Hang Seng Index declining 10.37%. Mainland China’s CSI 300 fell 6.31%.



Japanese yen and Swiss franc top hedges against tariffs U.S. President Donald Trump’s fresh of swathe reciprocal tariffs has pushed investors toward safe haven assets. The Japanese yen, Swiss franc, bonds, as well as a few other “exotic” assets, have emerged as some of their top hedges.



Crypto joins market rout Bitcoin fell below the $79,000 level Sunday as investors braced for more financial market volatility. The cryptocurrency is down 15% in 2025 and, absent a crypto-specific catalyst, is expected to continue moving in tandem with equities as global recession fears overshadow any regulatory tailwinds crypto was expected to benefit from this year.



‘Tariffs are coming’: Commerce Secretary Lutnick Commerce Secretary Howard Lutnick said the White House will not postpone the April 9 start date for reciprocal tariffs. Speaking to CBS’s “Face the Nation” Sunday, Lutnick said, “they are definitely going to stay in place for days and weeks,” adding “the president needs to reset global trade. Everybody has a trade surplus and we have a trade deficit.” 



Bessent dismisses recession fears  Treasury Secretary Scott Bessent on Sunday dismissed concerns Americans might be having about a potential impending recession and the status of their retirement plans, saying that President Donald Trump and his administration are “building the long-term economic fundamentals for prosperity.” Speaking to NBC News’ “Meet the Press,” Bessent called it a “false narrative” that Americans who are close to retiring may be reticent to do so after their retirement savings may have dropped this week due to the stock market downturn. “In fact, most Americans don’t have everything in the market,” Bessent added.



Berkshire Hathaway weathers market rout Warren Buffett’s Berkshire Hathaway fared better than the S&amp;P 500 in a brutal week as investors embraced the safety of a cash-rich conglomerate, seeing softer losses compared to the broad market index. Domestically-oriented Berkshire, which also owns large manufacturing, energy and retail businesses, is still up about 8% this year.



China says ‘market has spoken’ after Trump tariffs spark global stocks rout



China’s Foreign Ministry on Saturday said “the market has spoken” following the U.S. imposition of sweeping new tariffs and called for the White House to defuse the escalating trade war through “equal-footed consultation.“ This comes as U.S. markets fell sharply for a second consecutive day on Friday, with all three major indexes dropping by more than 5% as part of a global rout.



The market turmoil was exacerbated on Friday when China’s Finance Ministry announced it would impose a 34% tariff on all goods imported from the U.S. starting on April 10.

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-820x462.png" alt="" class="wp-image-605140" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-820x462.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-768x432.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs.png 1480w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">U.S. President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., on April 2, 2025. Leah Millis | Reuters</figcaption></figure>



President Donald Trump on Wednesday laid out the U.S. “reciprocal tariff” rates that more than 180 countries and territories, including European Union members, will face under his sweeping new trade policy.



Trump and the White House shared a series of charts on social media detailing the tariff rates they say other countries impose on the U.S. Those purported rates include the countries’ “Currency Manipulation and Trade Barriers.”



An adjacent column shows the new U.S. tariff rates on each country, as well as the European Union.



Those rates are, in most cases, roughly half of what the Trump administration claims each country has “charged” the U.S.



The reciprocal rates are not necessarily the only U.S. tariffs these countries will face.



The White House told CNBC’s Eamon Javers on Wednesday that the new reciprocal rate on China will be added to existing tariffs totaling 20%, meaning the true tariff rate on Beijing&nbsp;under this Trump term&nbsp;is 54%.



Trump said his plan will set a 10% baseline tariff across the board. But as his charts make clear, many countries are set to face significantly higher rates.



“We will charge them approximately half of what they are and have been charging us,” Trump said in an announcement in the Rose Garden at the White House.



“So, the tariffs will be not a full reciprocal,” he said.



But that halved figure includes “the combined rate of all their tariffs, nonmonetary barriers and other forms of cheating,” he said.



See all the new rates here:



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108125354-1743628618479-image.png?v=1743628691&amp;vtcrop=y" alt="Chart of reciprocal tariffs. "/></figure>



Chart of reciprocal tariffs.



Courtesy: Donald Trump via Truth Social



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108125386-1743629783277-b4fc0291ac1ed15f.jpg?v=1743629815&amp;vtcrop=y" alt="Chart of reciprocal tariffs. "/></figure>



Chart of reciprocal tariffs.



Courtesy: U.S. President Donald Trump via Truth Social



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108125388-1743629845642-c474871a0394e761.jpg?v=1743629853&amp;vtcrop=y" alt="Chart of reciprocal tariffs. "/></figure>



Chart of reciprocal tariffs.



Courtesy: U.S. President Donald Trump via Truth Social



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108125381-1743629674285-9b3146f9401db67a.jpg?v=1743629766&amp;vtcrop=y" alt="Chart of reciprocal tariffs. "/></figure>



Chart of reciprocal tariffs.



Courtesy: U.S. President Donald Trump via Truth Social



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108125420-1743631430241-GnjytNRWsAE7uF5.jpg?v=1743631805&amp;vtcrop=y" alt="Chart of reciprocal tariffs. "/></figure>



Chart of reciprocal tariffs.



Courtesy: The White House



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108125421-1743631489523-image_720.png?v=1743631794&amp;vtcrop=y" alt="Chart of reciprocal tariffs. "/></figure>



Chart of reciprocal tariffs.



Courtesy: The White House

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7-820x461.jpeg" alt="" class="wp-image-604771" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Traders work on the floor of the New York Stock Exchange during morning trading on April 01, 2025 in New York City.  Michael M. Santiago | Getty Images</figcaption></figure>



Stock futures slipped early Wednesday as Wall Street braced for the expected rollout of President Donald Trump’s tariffs.



Futures tied to the S&amp;P 500 lost 0.16%, while Nasdaq-100 futures were 0.15% lower. Futures tied to the Dow Jones Industrial Average were down 63 points, or 0.15%.



The moves come ahead of the implementation of a raft of Trump’s “reciprocal tariffs” that will “start with all countries.” The White House revealed Tuesday that the tariffs “will be effective immediately.”



Treasury Secretary Scott Bessent told lawmakers on Tuesday that Wednesday’s tariffs will essentially serve as a “cap,” where the tariffs that are announced will be the highest amount set, Rep. Kevin Hern (R-OK) revealed to CNBC’s Emily Wilkins. That will give countries the opportunity to take steps to bring the tariff amount down.



According to The Washington Post, which cited three sources familiar with the matter, the Trump administration is also considering imposing tariffs of roughly 20% on most imports coming into the country. However, the report said that advisors cautioned that several options are still on the table.



During Tuesday’s session, the S&amp;P 500 finished about 0.4% higher, seesawing between gains and losses throughout the chaotic trading day. The Nasdaq Composite also ended the day roughly 0.9% higher, while the Dow Jones Industrial Average closed marginally lower.



Stocks have come under pressure as uncertainty around Trump’s tariffs has spurred recent market volatility, with the broad market index down five out of the past six weeks. However, some investors think the sell-off is overdone.



“I think we’re overpriced to the downside here,” Jeff Kilburg, founder and CEO at KKM Financial, said on CNBC’s “Power Lunch” Tuesday. “I think the market has the ability to have a little bit of a 2% to 4% rally to really reprieve everyone’s anxiety.”



In addition to the tariffs, traders are looking ahead to the ADP employment report for March, which is scheduled for release on Wednesday morning. Economists polled by Dow Jones are expecting that private companies added 120,000 jobs last month, up from the 77,000 jobs added in February.



The Bureau of Labor Statistics reported Tuesday that job openings dropped more than expected in February, with available positions falling to 7.57 million for the month. That’s just below the Dow Jones estimate of 7.6 million.

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