WHAT TO KNOW ABOUT TRUMP’S ‘LIBERATION DAY’ TARIFFS: HOW THEY WORK AND WHO THEY HIT Trump announced a new 34% tariff of all imports from China into the U.S., on top of a previous 20% tariff levied on the country, which will bring the total tariff to 54%. On Friday, China announced it would match the new reciprocal tariff by placing a 34% on all U.S. imports into China. “This practice of the U.S. is not in line with international trade rules, undermines China’s legitimate rights and interests, and is a typical unilateral bullying practice,” the Chinese State Council Tariff Commission said in a statement announcing the tariffs. Trump said the 10% blanket tariff rate will go into effect on April 5, while the higher rates will go into effect on April 9. China’s new tariffs against U.S. products are set to go into effect on April 10. The announcement comes a day after China’s commerce ministry vowed to “take resolute countermeasures to safeguard its legitimate rights and interests” against the U.S. tariffs announced Wednesday. While various countries have announced their opposition to the looming U.S. tariffs, China is one of the first to respond by exacting the same tariff rate on U.S. products in response. HOW COUNTRIES ARE REACTING TO TRUMP’S ‘LIBERATION DAY’ TARIFF ANNOUNCEMENTS Trump’s sweeping tariff plans have not received a warm reception from Wall Street, with the stock market having its worst day since 2020 on Thursday. Stock futures continued to dip Friday morning shortly after China announced its retaliatory tariffs, with the S&P 500 futures falling roughly 2.6% and the Nasdaq 100 futures falling 2.8%.