New tariffs on foreign goods effective April 2

U.S. President Donald Trump announced that broad reciprocal tariffs and additional sector-specific tariffs will take effect on April 2. These tariffs will target foreign goods imported into the U.S., including autos, steel, and aluminum. Trump stated that the tariffs would be based on foreign countries' own tariff rates and non-tariff barriers. The specifics of how sectoral tariffs will fit into this new regime remain unclear. Previously, Trump imposed a 20% tariff on China and a 25% tariff on steel and aluminum. He also announced a 25% tariff on goods from Canada and Mexico, with a one-month extension for compliant products under the USMCA trade deal.