It had the hallmarks of a reality TV cliffhanger. Until recently, many people had never even heard of tariffs. Now, there’s been rolling live international coverage of so-called “Liberation Day,” as US President Donald Trump laid out tariffs to be imposed on countries around the world.
Just hours ago, Trump announced all imports to the United States will be subject to a new “baseline” 10 per cent tariff. This is an additional tax charged by US Customs and Border Protection when products cross the border.
The baseline tariff is expected to take effect from April 5, and then higher reciprocal tariffs on individual countries from April 9. That leaves no time for businesses to adjust their supply chains.
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