Trump signs executive order imposing a 10% global tariff baseline

President Trump signed Executive Order 14257 on April 2, 2025, invoking the International Emergency Economic Powers Act (IEEPA) to declare a national emergency over the United States trade deficit and impose a 10% baseline tariff on imports from all countries not subject to higher rates. Higher country-specific reciprocal rates were scheduled to take effect April 9 for major trading partners including the United Kingdom. After bond and equity markets dropped sharply, Trump paused the higher reciprocal tariffs above 10% for 90 days for all countries except China on April 9, leaving the 10% baseline in place.