US President Donald Trump has signed an executive order imposing a 10% baseline tariff on all imports from every country, alongside reciprocal tariffs targeting trading partners. The reciprocal levies will be set at roughly half of what other nations charge for US imports. For instance, with China maintaining a 67% tariff on US goods, US tariffs on Chinese products will be reduced to 34%. Additionally, a uniform 25% tariff is designated for all automobile imports. Trump expressed that these tariffs are crucial to restoring economic prosperity reminiscent of the country’s earlier decades, referencing the United States as a tariff-backed nation between 1789 and 1913 before the establishment of the income tax. He also proposed abolishing the Internal Revenue Service (IRS) in favor of funding the federal government through tariffs alone. Commerce Secretary Howard Lutnick voiced support for this initiative, stating that tariffs will fortify American workers and the economy, addressing the government's growing budget demands.

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