President Donald Trump's "Liberation Day" appeared set to end North American free trade and Mexico's privileged access to the U.S.

President Donald Trump announced new tariffs, imposing a 10% baseline tax on most imports, with increased rates for nations with trade surpluses. Notable exceptions include Canada and Mexico due to existing agreements.

As markets worldwide slump in the wake of President Donald Trump’s rollout of his “liberation day” tariffs, the exemptions that Trump made are among the things that stand out.

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.

US President Donald Trump announced a 26% “discounted reciprocal tariff” on Indian imports, citing India's high duties on US goods. He noted that India imposes a 56% tariff on American products, prompting the US to counter with a 26% levy.

U.S. financial markets responded with significant losses after President Donald Trump unveiled his tariff plans.