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Markets Reel As Trump's Tariffs Hit — Magnificent 7 Set To Shed Almost $700 Billion

A sweeping new wave of tariffs unveiled by President Donald Trump on Wednesday triggered a sharp selloff during the after hours of trading as the scope and scale of the trade duties exceeded Wall Street's worst-case expectations.

The president framed the move as a long-overdue correction to decades of trade imbalance, instituting what he called a "reciprocal tariff rate," set at 50% of what trading partners charge the United States, but also factoring in non-tariff barriers like currency manipulation, value-added taxes and outright import bans.

While Trump had telegraphed his intention to "rebalance" U.S. trade policy, the specific duty levels, some of which reached into the mid-30% range with key trading partners, jolted investors.

Under the new framework, China, which Trump said imposes tariffs as high as 67% on American goods, will now face reciprocal U.S. duties of approximately 37%. The European Union, which applies a 39% combined rate including VATs, will be subject to a 20% U.S. tariff. Japan, with an estimated 46% trade barrier, now faces a 24% duty on exports ...

https://www.benzinga.com/government/regulations/25/04/44618089/trumps-tariffs-surprise-triggers-carnage-magnificent-7-set-to-wipe-out-nearly-700-billion-