US president announced a baseline 10% tariff on all countries. Steeper “reciprocal” tariffs will be applied to China (34%), the EU (20%), Vietnam (46%) and Taiwan (32%). The Chinese tariff is reportedly on top of the existing 20% tariff. The Administration to claimed in the lead-up to the announcement that the tariffs would raise US$6tr. However, markets have plunged  

Goods not subject to tariffs include copper, semiconductors, lumber, bullion, energy and certain minerals not available in the US. Canada and Mexico were exempted from the baseline tariff regime and reciprocal tariffs for now.

In Trump’s reckoning the tariffs are not fully reciprocal but half, with the levied figure including “the combined rate of all their tariffs, nonmonetary barriers and other forms of cheating,” he said. This includes biosecurity measures.

Trump singled out Australian beef in his speech, saying “they’re wonderful people and wonderful everything, but they ban American beef.” “Yet, we imported $3bn of Australian beef from them just last year alone. They won’t take any of our beef.”