US President Donald Trump announces details on the implementation of reciprocal and sector-specific customs duties.
Here are Trump’s statements (will be updated as they come):
Trump has previously imposed tariffs on certain sectors, including China, Canada and Mexico, as well as a 25% duty on auto imports. The latest measures are expected to further reshape U.S. trade relations with key global partners.
Stocks were volatile ahead of the announcement, with major indexes fluctuating throughout the session. The S&P 500 was last up 0.2% after swinging between gains and losses. The index was up 1.1% at its peak and fell the same amount at its session low.
Despite the modest gains, analysts warn that market relief could be short-lived. “Any ‘relief’ bounce is likely to be short-lived as the absolute impact of the trade agenda remains decidedly negative, with downward pressure on growth/earnings and upside risks to inflation,” Vital Knowledge founder Adan Crisafulli wrote in a research report.