On 2 April 2025, U.S. President Trump signed an executive order for the introduction of a 10% baseline tariff on imports from all countries, as well as reciprocal tariffs on imports from countries with which the U.S. has the largest trade deficits, with rates equal to approximately half of the deemed rates charged on U.S. goods. This includes, for example, a reciprocal tariff rate of 34% on goods from China, 20% on goods from the EU, 46% on goods from Vietnam, and 32% on goods from Taiwan. The baseline and reciprocal tariffs will apply from 5 April 2025 and 9...