Trump Signs Liberation Day Executive Order Imposing Reciprocal Tariffs Up to 145% on China

President Trump signed Executive Order 14257 declaring a national emergency over the U.S. trade deficit and invoking the International Emergency Economic Powers Act to impose sweeping tariffs on nearly all trading partners. A baseline 10% tariff took effect April 5, with higher country-specific rates starting April 9. China faced a cumulative rate of 145% including earlier fentanyl-related levies. The announcement triggered a global stock market selloff and prompted a 90-day pause on rates above 10% for all countries except China.