Trump imposes historic tariffs raising rates to 24%

In a significant shift in trade policy, the United States has seen its effective tariff rate soar to 24%, the highest level in over a century. This notable change was announced by President Donald Trump on April 3, 2025, during a speech outside the White House, where he emphasized his administration's goal to 'Make America Wealthy Again.' The tariffs, intended to address trade imbalances and protect American industries, are particularly imposing on countries in Asia, which are expected to bear the brunt of these economic measures. Financial markets around the world reacted negatively to the announcement, with investors surprised by the depth and breadth of the new tariffs. The policy shift reflects a broader strategy by Trump to reshape the global economic landscape according to nationalist principles. This move has sparked concerns about rising prices domestically and potential retaliatory measures from affected countries. Analysts note that such a surge in tariffs may lead to higher costs for consumers and could hinder economic recovery efforts in light of already existing global economic challenges. As the United States embarks on this new trade path, the international community will be watching closely to see how this affects ongoing trade relations and global economic stability.