Mr. Trump insists that these actions are his way of standing up for farmers and ranchers. Other nations such as Japan, China and India have charged higher tariffs than the U.S. for importing American farm goods.

Trump has repeatedly called April 2 "Liberation Day." He is expected to enact reciprocal tariffs on major trading partners, especially those that contribute the most to the $1.2 trillion U.S. trade deficit.

What's going on with tariffs? Trump announced a 10% baseline tariff on all imports plus "reciprocal tariffs" on imports from more than 180 countries April 2, which he dubbed "Libe

All U.S. imports face a baseline 10% tariff, effective Saturday. + Higher rates will apply to partners judged "bad actors" on trade. For example, Japan faces a 24% duty and the European Union faces a 20% levy,

Some countries are promising swift countermeasures; others are asking for an opportunity to negotiate with the U.S. to avoid trade war.

U.S. stocks plummeted by market close on Friday as President Donald Trump’s sweeping tariffs continue to rattle markets across the

Democratic California Gov. Gavin Newsom said Friday he’s seeking direct trade agreements with foreign governments to spare his state from

The U.S. and global markets have already started to feel the impact of Trump’s tariffs, with the U.S. stock market taking the worst hit thus far. The Wall Street slump and global dip in stocks have sparked fresh fears in economists and concerns as to whether the U.S. is heading into a recession.

A group of volcanic islands located near Antarctica and whose only inhabitants are colonies of penguins and seals is listed among foreign states subject to U.S. trade tariffs.