US has highest trade deficit in the world. Who has highest trade surplus? Here's what trade imbalance and reciprocal tariffs mean and why it matters

Wall Street is wracked by major selling as investors bet against the sweeping new trade barriers. Japan’s main stock index and Europe’s Stoxx 600 each closed 2.7% lower.

For decades, global commerce abided by tariff rates agreed to by the U.S. and 122 other countries during the 1980s and 1990s. On Wednesday, Trump detonated that arrangement, saying that other countries had exploited the system and “ripped off’’ the United States for years, causing its once-mighty manufacturing base to shrink.

The flat 10 percent duty being applied to US imports will apply on top of any existing tariffs, but there are some exceptions.

As markets plunged and world leaders expressed anger and dismay over Trump's tariffs, Mexico took a more measured and hopeful approach.

President Sheinbaum celebrated after the United States government didn't announce any "reciprocal tariffs" on imports from Mexico.

Mitch McConnell and several other prominent Republicans are breaking rank with President Donald Trump over his universal tariff plan, which was formally announced on April 2

Singapore was disappointed to be slapped with U.S. tariffs of 10% despite the wealthy Asian financial hub having a free-trade agreement and running a bilateral trade deficit with the United States, Singapore's trade minister said on Thursday.