On April 2, US President Donald Trump signed an executive order launching a new wave of “Liberation Day” reciprocal tariffs on major trading partners, including China, Taiwan, the EU, Japan, South Korea, Vietnam, Thailand, India, and Malaysia. Rates range from 10% to 46%, with Vietnam hit hardest. China’s overall tariff will rise to 54% when a new 34% levy is added to the existing 20%. The measures take effect on April 9, 2025.