On April 2nd, Eastern Time, after the U.S. stock market closed, according to Xinhua News Agency, U.S. President Donald Trump signed two executive orders regarding so-called &#34;reciprocal tariffs&#34; at the White House, announcing a 10% &#34;minimum benchmark tariff&#34; on trade partners and imposing higher tariffs on certain trade partners.According to CCTV News, Trump stated that the U.S. would calculate all tariffs, non-tariff barriers, and other forms of comprehensive tax rates against countries that pose a significant threat to the U.S. The tariffs will not be fully reciprocal, and the U.S. will charge these countries about half of the fees.CCTV reported that the White House issued a statement saying that Trump declared a national emergency on Wednesday to enhance the U.S. competitive advantage, protect U.S. sovereignty, and strengthen national and economic security.CCTV cited the White House statement, stating that Trump will impose a 10% &#34;benchmark tariff&#34; on all countries, which will take effect at 12:01 AM Eastern Time on April 5th. Additionally, Trump will impose personalized higher &#34;reciprocal tariffs&#34; on the countries with the largest trade deficits with the U.S., which will take effect at 12:01 AM Eastern Time on April 9th, while all other countries will continue to adhere to the original 10% tariff benchmark.According to the chart released by the White House, the U.S. will impose a 10% tariff on imports from the UK, Australia, Brazil, Saudi Arabia, the UAE, and Kuwait, a 17% tariff on Israeli goods, a 20% tariff on EU goods, a 24% tariff on Japanese goods, a 25% tariff on South Korean goods, a 26% tariff on Indian goods, 34% on China, a 36% tariff on Thai goods, a 39% tariff on Iraqi goods, a 46% tariff on Vietnamese goods, and a 49% tariff on Cambodian goods, the highest rate.<figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/8398991c6c080b0f40d72447be4517d0?x-oss-process=style/lg" alt="" original-src="https://pub.pbkrs.com/uploads/2025/8398991c6c080b0f40d72447be4517d0"/></figure>CCTV mentioned that the aforementioned White House statement indicated that some goods would not be subject to the &#34;reciprocal tariffs,&#34; including steel and aluminum products already subject to Section 232 tariffs, automobiles and auto parts, goods that may be subject to future Section 232 tariffs, and certain energy and mineral products not available in the U.S. Additionally, gold bars, copper, pharmaceuticals, semiconductors, and wood products are also exempt from the &#34;reciprocal tariffs.&#34;The statement also indicated that for Canada and Mexico, goods that comply with the United States-Mexico-Canada Agreement (USMCA) will continue to receive tariff exemptions.The Trump administration stated that Canada and Mexico will be temporarily exempt from the 10% benchmark tariff and the reciprocal tariffs targeted at specific countries.Additionally, according to CCTV, Trump announced on Wednesday that a 25% tariff would be imposed on imported automobiles. Trump stated that the 25% tariff on automobiles will take effect on April 3rd After Trump's speech on the benchmark tariff rates and the specific tariffs faced by various countries, U.S. stock futures fell. In after-hours trading, S&amp;P 500 futures dropped nearly 2%, Nasdaq 100 futures fell over 3%, and Dow futures declined about 1%.The foreign exchange market reacted strongly. The euro initially surged before retreating. The euro against the dollar, which was around 1.0860, briefly broke above 1.0920, rising about 1% during the day, but later gave back more than half of its gains.The spot trading price of Bitcoin (BTC) surged to $88,000, reaching a high not seen since March 25, up over $4,000 and more than 5% from the intraday low before European stock market opening. It later retraced most of its gains, falling back below $86,000 and briefly dipping below $85,300, a drop of over $3,000 from earlier highs.<figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/0dfc8f128b2663a4425e247d980f4cfd?x-oss-process=style/lg" alt="" original-src="https://pub.pbkrs.com/uploads/2025/0dfc8f128b2663a4425e247d980f4cfd"/></figure>Spot gold experienced a brief &#34;flash crash,&#34; plunging from around $3,125 to near $3,105, turning to a decline of over 0.1% during the day, but quickly rebounded, briefly breaking above $3,140 and reaching a daily high, up nearly 1% for the day.COMEX June gold futures also experienced a &#34;flash crash&#34; before rebounding, briefly rising above $3,200 in after-hours trading, setting a new intraday high record since Thursday's U.S. stock market session, up nearly 1.8% from Tuesday's close.U.S. Treasury prices saw a V-shaped reversal, with yields initially rising and then falling. The yield on the 10-year benchmark U.S. Treasury rose above 4.23%, reaching a daily high, but quickly fell below 4.20%, briefly approaching 4.11%, nearing the intraday low set since the release of the &#34;little non-farm&#34; ADP employment report before the U.S. stock market opened on March 4.

The White House statement said that a 20% tariff would be imposed on EU goods, a 24% tariff on Japanese goods, a 25% tariff on South Korean goods, a 26% tariff on Indian goods, a 34% tariff on Chinese goods, a 36% tariff on Thai goods, a 39% tariff on Iraqi goods, a 46% tariff on Vietnamese goods, and a 49% tariff on Cambodian goods, the highest rate

- On April 2, 2025, President Trump signed two executive orders establishing a 10% baseline tariff on trade partners, with higher tariffs for specific countries.  
- The tariffs aim to enhance U.S. competitiveness and protect national security, with the baseline tariff effective from April 5, 2025, and personalized tariffs for major trade deficit countries starting April 9, 2025.  
- Following the announcements, U.S. stock futures fell significantly, and there were notable fluctuations in currency and commodity markets, including a sharp rise and subsequent drop in Bitcoin and gold prices.

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Trump announces a national emergency, implements comprehensive tariffs, sets a 10% "minimum baseline tariff," and imposes higher taxes on the country with the largest trade deficit with the U.S