President Donald Trump announced his long-awaited "reciprocal" tariffs after the stock market close Wednesday, the biggest transformation in global trade in decades. There's a 10% tariff baseline, but much-higher tariffs on China, Taiwan, Japan, Europe and other trading partners.
Amid the Trump tariffs and the related uncertainty, the stock market fell sharply from an all-time high on Feb. 19 to six-month lows earlier this week. The S&P 500 fell and rose sharply during Wednesday's session, finishing with solid gains, but has tanked on the unveiling of reciprocal tariffs.
Check back for Trump tariff news updates.
5:55 p.m. ET
Fine Print Provides Some Relief
The fine print of President Trump's executive order indicates that reciprocal tariffs won't apply to autos, semiconductors, steel, aluminum, copper and other products already targeted or potentially still to be targeted by sectoral tariffs. That means Taiwan Semiconductor chips produced in Taiwan for the U.S. market won't face a 32% tax. However, Trump has previously said he wants to apply a 25% tax on chips.
5:30 p.m. ET
Walmart, Target, Nike Stocks Tumble
Nike slid 6.8% in after-hours trade, while Walmart and Target are both down more than 5% on Trump's reciprocal tariffs. Vietnam, a major supplier to Walmart and Nike, among others, faces a 46% reciprocal tariff.
5;22 p.m. ET
Report: Reciprocal Tariffs Are Additive
CNBC Washington correspondent Eamon Javers wrote on X that he got confirmation from White House Press Secretary Karoline Leavitt that reciprocal tariffs are in addition to other tariffs. In particular, she confirmed that the 34% tariff on imports of Chinese goods would come on top of the earlier 20% tariff.
That means iPhones produced for the U.S. market in China would face a 54% tariff. Apple iPhones produced for the U.S. in India would face a 26% reciprocal tariff.
Trump has specifically discussed providing some tariff relief for China as an incentive to strike a deal that keep TikTok operating in the U.S.
Trump Tariffs Far Higher Than Expected; Futures Dive
5:13 p.m. ET
Canada, Mexico Spared From Reciprocal Tariffs
Canada and Mexico are left off the White House list for reciprocal tariffs. News reports indicate that the two countries, which have already come under fire, won't be targeted again with reciprocal tariffs.
5:04 p.m. ET
S&P 500 Back On The Cusp Of A Correction
Futures put the S&P 500 about 9.8% below its Feb. 19 record closing high.
5:02 p.m. ET
Tesla Spared, But Not TSLA
Tesla is the automaker least exposed to Trump tariffs, at least directly, but TSLA stock is down 4.5%. Tesla could continue to be a political target due to tariff resentment.
4:59 p.m. ET
Two Executive Orders
President Trump is signing two executive orders, closing the de minimis loophole that will allow for tariffs on low-value packages, and the implementing reciprocal tariffs.
4:52 p.m. ET
Trump Shifts Gears To Tax Cuts, Budget
Trump said he's looking to pass the biggest tax cuts in American history. He touted an interest deduction for American-built cars. That could help reduce the expected increase in auto prices resulting from tariffs.
"We're going to cut spending and right-size the budget," Trump said, but won't touch Social Security or Medicare.
4:50 p.m. ET
Futures Plunge On Trump Tariffs
S&P 500 futures tumbled 2.1%.
Taiwan Semiconductor, Nvidia, General Motors and Tesla fell 3% or more in late trade. Apple sank over 4%.
4:44 p.m. ET
Trump Trade Era
Trump is getting his chance to see if his trade policies can work. He said the critics will hit him, but past results show America can do better: "They were wrong about Nafta. They were wrong about China."
4:41 p.m. ET
Check The Fine Print
The fine print of Trump's reciprocal tariff executive order will get a close look. The biggest question is whether the reciprocal tariffs will be in addition to tariffs on autos, steel, aluminum and other targeted industries.
4:40 p.m. ET
Build, Build, Build
"We're going to build, build, build," Trump said, alluding to foreign companies announcing plans to expand production in the U.S., including Taiwan Semiconductor.
rump reeled off several prescription drug firms that have announced U.S. expansions as they brace for tariffs, including Johnson & Johnson, Eli Lilly and Merck.
4:36 p.m. ET
Trump: How To Get Out Of U.S. Tariffs
President Trump opened the door negotiations, but just a crack. "Terminate your own tariffs, drop your barriers, don't manipulate your currencies," he said, and start buying more American goods.
4:35 p.m. ET
Trump: Big Reciprocal Tariffs On China, EU, Taiwan, Japan
For nations that treat us badly, Trump says we will charge them "approximately half of what they have been charging us."
Trump said the U.S. will charge China a "discounted" tariff rate of 34%. Trump said the U.S. will apply a 20% tariff on the European Union. For Taiwan, Trump said the U.S. will have a hard-to-believe 32% tariff, with a 24% rate on Japan.
Switzerland would face a 31% tariff, with the UK facing 10%, even though it has a trade deficit with the U.S.
The 10% tariff is a minimum baseline, Trump said, to prevent future cheating.
Foreign nations will have to pay for the "privilege of access" to the U.S. market, the biggest in the world, Trump said.
S&P 500 futures are down 1.4%. Taxing chips made in Taiwan at that rate would have a much impact on building out AI data centers.
4:25 p.m. ET
U.S. To Set 10% Baseline Tariff Rate
President Trump reportedly will order a 10% baseline tariff on all imports worldwide, effective Thursday. That's lower than the 20% or 25% that had been seen as possible. It's unclear if some countries will face significantly higher base rates.
S&P 500 futures are up 0.8% on relief that the tariffs may not be as high as expected.
4:19 p.m. ET
Wall Street Worries About Trump Tariff Size
Some Wall Street firms have been cutting their S&P 500 targets in recent days amid worry that reciprocal Trump tariffs, on top of the industry-focused tariffs he's putting in place, could add up to a 20% tax on imports. That would deal a severe blow to global trade, which would only be exacerbated if America's trade partners retaliate.
A key question is whether Trump will open the door to negotiating his tariffs down, or whether he's determined to try and fix U.S. finances and pay for new tax cuts with tariff revenue.
Trump confirmed a 25% tariff on all foreign-made automobiles will take effect at midnight.
4:08 p.m. ET
Trump Begins Tariff Announcement
"This is Liberation Day," Trump said as he began his speech. He talked about other countries "pillaging" American factories and jobs.
President Trump said at the White House on Wednesday afternoon that he's making a "declaration of economic independence," promising to raise trillions and trillions of dollars with reciprocal tariffs.
4:04 p.m. ET
World Awaits Trump Announcement
Trump has not yet arrived for his White House Rose Garden event to announce his sweeping "reciprocal" tariffs.
4 p.m. ET
Stocks Whipsaw Higher Ahead Of Trump Tariffs
The S&P 500 fell and rose more than 1% intraday, but finished with a 0.7% gain. The Dow Jones climbed 0.6%, retaking its 200-day moving average.
3:48 p.m. ET
Mexico To Respond Thursday
Mexico will announce a plan to bolster local manufacturing and overall economy in response to Trump tariffs, President Claudia Sheinbaum. Those could include tariffs and other trade restrictions and other countries, including Asia. That suggests possible barriers to Chinese goods into Mexico, something that Trump has complained about.
Overall, Sheinbaum has been quiet in response to Trump tariffs and threats, especially relative to Canada.
2:31 p.m. ET
S&P 500 Pares Gains As Trump Nears
The S&P 500, down more than 1% at the open and up more than 1% in the early afternoon, is now up 0.1%. The Dow Jones is up a fraction after topping its 200-day line earlier.
The 10-year Treasury yield rose several basis points to 4.20% after marking a 2025 closing low on Tuesday.
1:16 p.m. ET
Stock Market Rallies Into Trump Tariffs
The S&P 500 rose 1% in afternoon trading after opening more than 1% lower. The Dow Jones, up 0.9%, reclaimed its 200-day moving average.
12:57 p.m. ET
Senate To Vote On Trump's Canada Tariffs
The Senate is likely to vote Wednesday evening on a Democratic resolution to nullify President Trump's emergency declaration that allow him to impose tariffs on Canada. The vote is expected to win enough Republican support to pass. The House is unlikely to allow a vote and Trump would certainly veto the measure if it reached his desk.
However, the vote will put Republican senators on the record over Trump's trade war. Many GOP members, including Senate Minority Leader John Thune, R-S.D., have signaled their unease at Trump tariffs, especially vs. Canada.
12:03 p.m. ET
European Union Mulls Emergency Measures
The European Commission, the EU's executive arm, is crafting short-term economic measures to support the region in response to existing and upcoming tariffs, Bloomberg reported Wednesday. Those efforts, which will depend on the size of Trump's tariffs, could be part of a package of reforms to boost EU competition.
The EU is not planning to retaliate vs. Trump's "reciprocal" tariffs, Bloomberg reported. It does plan to levy duties on $28.1 billion worth of U.S. goods in mid-April in response to the steel tariffs.
11:31 a.m. ET
S&P 500 Reverses Higher
The S&P 500 rose 0.4% in late morning trade, gapping down more than 1% at the open. The S&P 500 index is trading between Monday's six-month lows and the 200-day moving average.
What Will 'Reciprocal' Tariffs Look Like?
Originally, Trump said the "reciprocal" tariffs would match individual countries' trade barriers, including tariffs, but also other market restrictions and subsidies, as well as value-added taxes. That would be incredibly complex. In the past week, Trump officials have floated the idea of a 20% universal tariff on all or most imports, with recent reports that some countries could face a lower duty. But all of this appeared to be in flux as of Wednesday morning.
It's still possible that Trump will delay some or all of his latest tariffs, but the word on Tuesday was that they would take effect immediately.
Here's What's At Stake As Trump's Tariffs Set In
Trump Tariffs Announced
A 25% tariff on steel and aluminum imports took effect on March 12.
A 25% tariff on Canada and Mexico took effect March 4, with Canadian energy exports taxed at a 10% rate. Two days later, Trump suspended tariffs on goods compliant with the United States-Mexico-Canada Agreement (USMCA) that he negotiated in his first term. But that pause is due to end April 2.
Trump has hiked tariffs on all imports of Chinese goods by 20%, carried out in two 10% increments.
A 25% tariff on imported autos and many key parts is set to take effect April 3. Vehicles imported from Canada and Mexico will not pay tariffs on U.S.-made parts.
Meanwhile, Trump has said sectoral tariffs will be coming for pharmaceuticals, copper and semiconductors.
S&P 500 Hits 6-Month Lows In Stock Market Correction
The S&P 500 fell 0.3% in early Wednesday trading after falling more than 1% at the open.
The S&P 500 hit its lowest levels since September on Monday before reversing higher. The benchmark index rose slightly in Tuesday's stock market trading, but still closed down 8.4% from the Feb. 19 all-time intraday high.
Because Trump will announce the Liberation Day "reciprocal" tariffs after Wednesday's close, the U.S. stock market won't have a clear reaction until Thursday.
But the prospect of further U.S. sectoral tariffs, potential retaliatory actions by trading partners, and the possibility of deals that roll back some Trump tariffs mean that trade developments may continue to fuel market volatility in the weeks ahead.
Tuesday was day two of a market rally attempt. An S&P 500 or Nasdaq follow-through day could occur as soon as Thursday, following the Trump tariff announcement.
