President Donald Trump announced significant global tariffs, imposing a 10% levy on nearly all imports and additional tariffs on about 60 countries with the largest trade deficits with the US. Notably, China faces a 34% reciprocal tariff, while other nations like the European Union, Vietnam, and Taiwan will see tariffs ranging from 20% to 46%. Trump emphasized that foreign nations must contribute to accessing the US market, claiming China heavily taxes US imports at 67%. Aiming to boost domestic auto manufacturing, a 25% car import tariff will take effect immediately, with additional levies on auto parts planned for May. Critics warn that these tariff increases could lead to higher prices, decreased consumer spending, and hindered business expansion. Following the announcement, US equities saw a drop, with the S&P 500 and Nasdaq experiencing declines of almost 2% in after-hours trading. Cryptocurrencies like Bitcoin and ether also fell approximately 2.4% in response to the tariffs, as the market had anticipated lower rates. This move reflects a significant shift in trade policy from the Trump administration that is expected to have various economic repercussions.

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