CORRECT (April 3, 11:30 UTC): Corrects headline to say bitcoin fell after the announcement

Starting April 5, all U.S. trading partners will face a minimum of a 10% import tariff, with higher, country-specific tariffs kicking in

U.S. import tariffs are starting April 5, with all trading partners facing a minimum of a 10% tariff.

Those rates will escalate to a 20% minimum for about 60 countries, beginning April 9. The administration is also applying higher, country-specific tariffs.

President Donald Trump introduced the tariffs based on perceived trade imbalances and non-tariff barriers, saying the goal is to encourage reshoring of production, generate revenue to help fund tax cuts and level the playing field for U.S. manufacturers.

Among the most affected countries is China, which faces a new 34% tariff on top the existing levy, bringing its total to 54%. Many other Asian economies have also been hit hard, while the European Union faces a 20% tariff.

There’s been growing interest in how the U.S. determined the tariff rates, which the administration called reciprocal. One user on X claims to have cracked the formula: Take a country’s trade deficit with the U.S. and divide it by that country’s exports to the U.S.

For example, Vietnam exports $136.6 billion to the U.S. and imports just $13.1 billion, resulting in a $123.5 billion trade deficit. When you divide the deficit by exports, you get about 90%, which aligns with the implied reciprocal tariff rate the U.S. has applied.

Global stocks are under pressure, with the Nikkei 225 losing 2.8% after dropping as much as 4.6% and the FTSE 100 losing more than 1%. Nasdaq futures are down over 3.5%. Vietnam led losses in Asia, falling 5.5% in its worst single-day drop for over four years.

The dollar weakened too, with the yen rallying to 147 against the U.S. currency and the pound to 1.31. The dollar index (DXY) fell to 102.5. Bitcoin (BTC) fell slightly after remaining firm above $83,000 and staying above a key technical level at $82,000.

The all-important U.S. 10-year Treasury yield is closely watched by the administration, as it’s seen as helping to determine interest rates in the world’s largest economy. The yield, which slid to its lowest point since October, is now just above 4%.

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