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.

Automaker Stellantis is temporarily halting production at a plant in Canada and a plant in Mexico shortly after President Donald Trump announced a 25% tariff on imported vehicles. The move will result in the temporary layoff of 900 U.

Mexican President Claudia Sheinbaum expressed relief that her country was excluded from President Donald Trump’s reciprocal tariffs announcement. Mexico and Canada were spared from Trump’s sweeping “Liberation Day” tariffs that he imposed on close to 200 nations.

IMF Chief Kristalina Georgieva expressed concerns over US tariffs, stating they pose a significant risk to global growth. She urged the US to collaborate with trading partners to mitigate trade tensions,

Mexico’s economic minister Marcelo Ebrard praised the “preferential treatment” received by Mexico after US President Donald Trump unveiled sweeping new global tariffs.