Donald Trump Tariffs List News Live Updates: Asian markets continued their downward slide on Friday after Wall Street shuddered with a level of shock unseen since the Covid-19 pandemic, with Nasdaq down over 5% in early trade, Dow more than 1,500 points (3.6%), and the S&P 500 dropping over 4%. Tokyo’s Nikkei 225 lost 2.6% to 33,818.18, and Korea’s Kospi fell 0.8% to 2,467.14 after the two countries pivoted to negotiating lower tariffs with Trump’s administration. Australia’s S&P/ASX 200 dropped 1.9% to 7,713.60.

India slapped with a 27% tariff: On Wednesday, after market hours, Trump announced sweeping tariffs on major trading partners, including India, calling April 2 “Liberation Day” and declaring it “one of the most important days in American history.” He announced “discounted reciprocal tariffs” of 27 per cent on India, now revised to 26 per cent, according to a White House document. This number is significantly lower than those imposed on several Asian peers, including 36 per cent on Thailand and 32 per cent on Indonesia. These tariffs come in addition to a 10 per cent base duty on all US imports.

How has the US calculated reciprocal tariffs? Reciprocal tariffs are calculated as the tariff rate necessary to balance bilateral trade deficits between the US and each of our trading partners. Essentially, the US aims to raise tariffs to a level where trade balances out, it is not as concerned with the actual level of tariffs imposed against it but with using tariffs to wipe out its trade deficit. Several global leaders have condemned the move, vowing to retaliate with countermeasures against the Trump administration.

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