April 2 (Local Time) — U.S. President Donald Trump announced at the White House a new policy to levy so-called "reciprocal tariffs" on trade partners. During the announcement, Trump presented a chart indicating that the United States would impose a 34% reciprocal tariff on China, 20% on the European Union, 10% on Brazil and the United Kingdom, 31% on Switzerland, 26% on India, 25% on South Korea, 24% on Japan, 32% on Indonesia, and 36% on Thailand.

Prior to this move, multiple affected trade partners had already signaled their intent to respond with countermeasures.