Trump’s new reciprocal tariffs take effect on imports from around the world

A new round of steep tariffs imposed by President Donald Trump took effect early Wednesday morning on products imported from scores of countries around the world.

The round of so-called reciprocal tariffs exceeds a base rate of 10% that was imposed on many other countries over the weekend.

In all, imports from 86 countries are now subject to higher tariffs ranging from 11% to 84%.

China will see net total tariffs of 104% on its exported goods to the United States. The massive new tariff rate reflects a previously imposed 20% duty, a 34% additional tariff and a last-minute 50% increase that Trump signed late Tuesday.

“The U.S. threat to escalate tariffs on China is a mistake on top of a mistake,” China’s Commerce Ministry said Tuesday, according to a CNBC translation. “China will never accept it. If the U.S. insists on its own way, China will fight to the end.”

After China, Lesotho is subject to the biggest single-nation tariff rate in the new round. That African nation’s exports to the U.S. are subject to a 50% duty.

Cambodia is close behind, with imports from that nation subject to tariffs of 49% starting Wednesday.

Two of Cambodia’s neighbors in southeast Asia, Laos and Vietnam, are subject to duties of 48% and 46% respectively.

U.S. stock market benchmarks have booked four straight days of losses on the heels of Trump’s announcement of the tariffs on April 2.

The White House and Trump have brushed off concerns about the stock market declines.

“America is going to be very rich again very soon,” Trump said at the White House on Tuesday.

Asian markets were trading lower Wednesday as the latest tariffs came into effect, with South Korea’s benchmark Kospi entering a bear market.

In its bid to boost growth, India’s central bank cut its policy rate by 25 basis points to 6% soon after U.S. reciprocal tariffs kicked in. The country’s exports to U.S. have been slapped with a 26% levy.