Yahoo Finance

Let's get it back out to the White House now, as Yahoo Finance's Jennifer Schonberger is standing by with more, Jen.

Hey Josh, for everyone who was wondering whether we would be getting blanketed tariffs or reciprocal tariffs. Well, it seems like we got a mix of both, right? The president putting forth the notion of a 10% broad-based tariff, and then layered on top of that is going to be a reciprocal tariff, and that is going to be calculated by using the sum of not just the tariffs, but other non-tariff barriers. So for instance, currency manipulation, dumping, a VAT for instance, when it comes to the European Union. Uh Trump cited some examples during his event. For instance, uh China's calculated to have a 67% rate, uh but the US will discount that by close to 50%, and so it will end up being an effective rate of 34%. Similarly, with Europe, it's calculated to be 39%, but the US will end up charging 20%. Unclear whether these can be negotiated lower, senior advisors told reporters on a call that this is not a negotiation. This comes down to national security. Now, this is not the end of the tariffs. We're also told that new tariffs will be coming at some point in the near future under 232, when it comes to lumber and copper. As well, we will see a new tariff regime on semiconductors, uh pharmaceuticals, and possibly uh precious minerals as well. Uh and now when it comes to Mexico and Canada, we could also see those tariffs remain in place in terms of the 25% when it comes to Fentanyl and border issues. Now, the 10% across the board tariff is expected to kick in at 12:01 a.m. on April 5th, followed by the reciprocal tariff uh kicking in on April 9th. So giving a little bit of room there perhaps for for countries to try to comply. But again, very um sweeping uh detailed tariffs, uh country by country here from the president, who really hopes uh that this is a new day for America. He called it a declaration of economic independence for America. Josh.

All right, thank you, Jennifer.