To calculate its ‘reciprocal tariffs’, the Trump administration has opted for a crude formula with no basis in trade theory. We are all going to pay the price.

President Donald Trump promised tariffs that would raise U.S. import taxes high enough to mirror what others assess as trade penalties on American goods

President Donald Trump’s administration calculated its raft of new tariffs primarily based on existing trade balances — a departure from pledges to match the tariff rates and other trade barriers from other countries.

President Donald Trump's expansive new tariff regime flips on its head a decades-long global trend of lower trade barriers and is likely, economists say, to raise prices for Americans by thousands of dollars each year while sharply slowing the U.

It’s the U.S. versus ‘friend and foe alike’ as President Trump’s tariff tussle goes global. Trump announced Wednesday that the U.S. would begin applying a universal baseline tariff of 10% on imported goods from all foreign countries.

Tariffs are taxes charged on goods imported from other countries. Companies bringing the goods into the country pay the amount, typically a percentage of the goods' value, to the government. Trump has announced a 10% "baseline" tariff on all imports to the US – this is what the UK will face.

Speaking in the Rose Garden of the White House, the president announced new “reciprocal” tariffs on almost all America’s trading partners. There will be levies of 34% on China, 27% on India, 24% on Japan and 20% on the European Union.

World leaders aren’t taking to President Donald Trump’s tariff regime too kindly. The White House slapped a blanket 10% tariff on all imports and additional import tax rates of up to 50% on countries with trade barriers.

Former President Donald Trump unveiled sweeping new tariffs as he continues to move ahead with his domestic and foreign policy agenda. Follow here for the latest live news updates.