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Fortune

Diane Brady

Trump's 'Liberation Day' tariffs were worse than expected—sparking a global selloff

Donald Trump United States Diane Brady CEO Daily EY

Photo: US President Donald Trump displays a signed executive order during a tariff announcement in the Rose Garden of the White House in Washington, DC, US, on Wednesday, April 2, 2025. Trump is imposing tariffs on US trading partners worldwide, his biggest assault yet on a global economic system he has long bemoaned as unfair. Photographer: Jim Lo Scalzo/EPA/Bloomberg via Getty Images

In today’s CEO Daily: Diane Brady on Trump’s new taxes for international trade.
The big story: Tariffs were worse than expected.
The markets: Global selloff under way.
Analyst notes from Wedbush, EY, and Swoop Funding on—you guessed it—the tariffs, jobs, and Tesla.
Plus: All the news and watercooler chat from Fortune.

Good morning. Friend or foe? It hardly mattered yesterday as Donald Trump unveiled sweeping targets against all the trading partners of the United States. The headline numbers to know: A 10% baseline tariff on all imports, with specific and higher tariffs on some countries, including 34% on China (on top of the existing 20% tariffs), 20% on the EU and as high as 46% and 49% on Vietnam and Cambodia respectively. “They do it to us, we do it to them,” the President said during the Rose Garden unveiling. Some food for thought as the fallout begins:

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