International markets were set high in anticipation of sweeping tariff policy to be announced by President Donald Trump on Wednesday afternoon.

The anticipation of “Liberation Day,” coined by the President, for U.S. trade policy, caused markets to rise early Wednesday morning. By Thursday morning, however, most markets took a substantial hit, with manufacturers among the most heavily affected.

In his announcement, President Trump announced a 10% baseline tariff. These are across-the-board levies on all imports, effective April 5. Specific nations, the White House considers bad actors on trade, will be hit with a “discounted reciprocal tariff.” These include:

• 20% on the European Union
• A new 34% tariff on China, increasing the base rate to 54%
• 46% on Vietnam
• 32% on Taiwan
• 24% on Japan

The Trump Administration also implemented a 25% tariff on foreign-made automobiles that took effect at 12:01 a.m. Thursday morning.

OMA Connections Partner Akhia has created a Tariff Communications Toolkit for organizations to communicate about tariffs effectively. 4/2/2025