On April 2nd, local time, U.S. President Trump announced the so-called &#34;reciprocal tariff&#34; measures at the White House against trade partners. Additionally, Trump declared a national emergency on the same day.In the past few weeks, Trump has repeatedly claimed that April 2nd is &#34;Liberation Day,&#34; promising to protect U.S. industries from &#34;unfair&#34; foreign competition through tariff policies. Academics and business leaders have repeatedly warned that Trump's tariff measures could backfire, affecting global trade and harming the U.S. economy, raising inflation, and becoming a trigger for a new round of economic recession in the United States.<h2>01 Which tariffs take effect today?</h2>On April 2nd, local time, Trump signed two executive orders regarding the so-called &#34;reciprocal tariffs&#34; at the White House, announcing a 10% &#34;minimum baseline tariff&#34; on trade partners and imposing higher tariffs on certain trade partners.In addition, Trump announced a 25% tariff on imported automobiles that day. Trump stated that the 25% tariff on automobiles would take effect on April 3rd.The White House issued a statement indicating that President Trump declared a national emergency that day to enhance the competitive advantage of the United States, protect U.S. sovereignty, and strengthen national and economic security.The statement noted that Trump would impose a 10% &#34;baseline tariff&#34; on all countries, which would take effect at 12:01 AM Eastern Time on April 5th. Furthermore, Trump would impose personalized higher &#34;reciprocal tariffs&#34; on the countries with the largest trade deficits with the U.S., which would take effect at 12:01 AM Eastern Time on April 9th, while all other countries would continue to adhere to the original 10% tariff baseline.The statement also mentioned that certain goods would be exempt from 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 minerals and energy that the U.S. does not possess. Additionally, gold bars, copper, pharmaceuticals, semiconductors, and wood products would also be exempt from the &#34;reciprocal tariffs.&#34;The statement further indicated that for Canada and Mexico, goods that comply with the United States-Mexico-Canada Agreement (USMCA) would continue to be exempt.<h2>02 Which tariffs have already taken effect?</h2><blockquote>1 Chinese goodsOn February 4th, Trump imposed a 10% tariff on all imports from China, raising the rate to 20% on March 4th.In response to the U.S. tariffs, China has announced multiple countermeasures against the U.S. and has filed a lawsuit under the World Trade Organization dispute resolution mechanism. Details &gt;&gt;2 Canadian and Mexican goodsAccording to the executive order signed by Trump in March, the U.S. imposed a 25% tariff on various goods that do not meet the &#34;USMCA&#34; origin rules, while goods that meet the preferential conditions of the USMCA are exempt from tariffs, and the related tariff exemption policy lasted only until April 2nd.3 All imported steel and aluminumOn March 12, the United States implemented a 25% tariff on imported steel and aluminum products. In addition, the latest measures also removed the tariff-free quotas and exemption policies for certain trading partners.</blockquote><h2>03 Are there more tariffs?</h2>Trump previously stated that he would impose tariffs of around 25% on copper, pharmaceuticals, chips, imported timber, and forestry products.In response to media questions on March 28, Trump expressed a somewhat open attitude towards reaching tariff agreements with other countries but hinted that any agreements would be made after the tariff measures take effect on April 2.Additionally, due to dissatisfaction with matters such as the Russia-Ukraine ceasefire and US-Iran negotiations, Trump recently &#34;complained&#34; about Russia and Iran, threatening to impose &#34;secondary tariffs&#34; on all oil imported from Russia and &#34;secondary sanctions&#34; on Iran.US Treasury Secretary Janet Yellen stated in an interview with Fox News on April 2 that countries are advised not to retaliate against tariffs, as tariffs would escalate.<h2>04 Multiple countries and international organizations respond: Counterattack!</h2>In the face of US tariff coercion, China, Canada, and others have quickly announced countermeasures, and other countries are also preparing to retaliate, significantly escalating global trade frictions.<blockquote>1 European UnionOn April 1, European Commission President Ursula von der Leyen stated that the EU has a strong countermeasure plan and will retaliate against US tariff policies if necessary.2 GermanyOn March 30, German Chancellor Olaf Scholz criticized the US for imposing tariffs that undermine global free trade and emphasized that the EU will continue to respond decisively.3 FranceOn March 27, French Minister of Economy and Finance Bruno Le Maire stated that the US tariffs on imported cars represent an escalation of provocation against Europe, and the EU will also raise import tariffs on US products, which is &#34;the only solution for the EU.&#34;4 CanadaCanada's new Prime Minister Mark Carney stated on March 14, the day he took office, that the new Canadian cabinet has two priorities: to protect the interests of Canadian workers in the face of US tariff threats and to develop the Canadian economy.Carney stated on March 27 that the traditional relationship between Canada and the US has ended, and in the face of Trump's escalating tariff measures, Canada must fundamentally reshape a new economy. Carney said Canada will respond to US auto tariffs with retaliatory trade actions.</blockquote><h2>05 &#34;Ultimately, American consumers will pay the price&#34;</h2>Trump has always liked to use stock market performance as a report card for his administration. However, amid concerns about Trump's tariff war and the US economic outlook, the New York stock market's S&amp;P 500 index and Nasdaq Composite index both recorded their worst quarterly performance in over two years. The Nasdaq fell 10.4% in the first quarter of this year, marking the largest single-quarter decline since the second quarter of 2022; the S&amp;P 500 index recorded a cumulative decline of 4.6% in the first quarter, the worst performance since the third quarter of 2022Polling data has also issued warnings about the Trump administration's handling of the economy. A recent poll released on March 31 by the Associated Press and the National Opinion Research Center at the University of Chicago shows that approximately 60% of American respondents disapprove of the current U.S. government's handling of tariffs and trade negotiations amid escalating trade disputes with multiple countries.Economists are concerned that Trump's tariff policy will inevitably drive up inflation in the U.S. and damage consumer confidence. The consequences of increased tariffs are rising production costs across the region, pushing up prices, which ultimately fall on American consumers.Data from the Conference Board at the end of March shows that the U.S. Consumer Confidence Index for March is 92.9, marking a decline for the fourth consecutive month. The consumer expectations index, which reflects short-term income prospects, business conditions, and the job market environment, has dropped to 65.2, the lowest level in 12 years. A consumer expectations index below 80 is typically a signal that the economy is heading toward recession.<h2>06 &#34;Will Definitely Lose Everything&#34;</h2>Trump treats tariffs as a &#34;multi-functional weapon,&#34; serving as both a bargaining chip in diplomatic negotiations and a tool to promote &#34;manufacturing return,&#34; as well as a &#34;revenue code&#34; for the government. Media and economists generally express differing opinions on the consequences of these policies.An Associated Press article points out that the U.S. government believes high tariffs are beneficial for reversing the long-standing trade deficit, but the trade war implemented during Trump's previous term has proven that tariffs alone cannot successfully narrow the trade gap. The Financial Times believes that the U.S. tariff policy may lead to widespread global trade disruptions, rising prices, and declining living standards, putting the U.S. at risk of a genuine economic recession.American economist Jeffrey Sachs bluntly states that increasing tariffs is a bad policy, and Trump's triple calculation regarding tariffs will &#34;lose everything.&#34;<blockquote>Sachs believes that, first, Trump uses tariffs as a threat. However, for many countries, these threats are ineffective because, although the U.S. market is substantial, it is not strategically crucial. Additionally, to cater to domestic nationalist sentiments, officials in various countries will not easily concede.Second, the Trump administration hopes to increase fiscal revenue and reduce taxes through increased tariffs. However, data shows that increased tariffs &#34;generate very little revenue.&#34; The root of the U.S. government's fiscal crisis is that annual spending far exceeds fiscal revenue, and tariff revenue is insufficient to fundamentally resolve the fiscal crisis.Third, Trump claims that tariffs can revitalize American industry. However, relying on protectionism cannot develop industry; it will only make the U.S. fall behind and fail to enhance competitiveness.</blockquote>Fundamentally, the U.S. is making the mistake of isolating itself. Countries around the world and their leaders feel that the U.S. is bullying, which neither helps the U.S. ensure its own security nor promotes its prosperity and development, nor can it earn trust internationally.Risk Warning and DisclaimerThe market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstancesInvest based on this, and you bear the responsibility

On April 2, U.S. President Trump announced the implementation of "reciprocal tariffs" on trade partners and declared a national emergency. The new policy includes a baseline tariff of 10% on all countries, with some countries facing higher tariffs, and a 25% tariff on imported automobiles. Trump claimed that this move aims to protect U.S. industry and economic security, but academia and the business community warned that it could lead to economic recession and rising inflation. Certain goods, such as steel and aluminum products and those compliant with the United States-Mexico-Canada Agreement, will be exempt

- On April 2, 2025, President Trump announced the implementation of "reciprocal tariffs" and declared a national emergency to protect U.S. industries from foreign competition.  
- The new tariffs include a 10% baseline tariff on all trade partners and a 25% tariff on imported cars, effective April 3, 2025.  
- Economists warn that these measures could lead to increased inflation and a potential recession, while countries like China and Canada have already announced retaliatory actions.

Trump's tariff chaos: Why has the U.S. entered a "national emergency"?