Donald Trump’s new trading system is here. “Liberation Day” tariffs went into effect at midnight Eastern Time, imposing steep new taxes on goods from Asia, the world’s manufacturing center. Asian stock markets mostly fell on Wednesday, ending a brief “dead cat bounce” across the region’s equity markets.
Trump’s steepest tariffs fall on China, one of the U.S.’s largest trading partners. Tariff rates on China now total at least 104%: 20% tariffs related to fentanyl, 34% “reciprocal tariffs,” and then a quickly imposed 50% tariff in response to China’s retaliatory measures.
