US President, Donald Trump’s sweeping tariffs on dozens of countries officially took effect early Wednesday, shortly after the president claimed that foreign leaders were “calling us up, kissing my a–” to negotiate trade deals.
The tariffs, which impact around 90 countries, are expected to result in increased import costs—raising prices for U.S. consumers across a wide range of goods. China faces the heaviest burden, with a cumulative tariff rate of 104 percent, while countries like Lesotho (50 percent) and Cambodia (49 percent) are also significantly affected.
U.S. Customs and Border Protection confirmed it began enforcing the tariffs at 12:01 a.m. on April 9. “CBP is uniquely positioned to implement and enforce the President’s tariffs using all our enforcement and revenue collection authorities,” the agency said in a statement.
Markets across Asia reacted swiftly. Japan’s Nikkei dropped 3.8 percent, Taiwan’s stock market plunged 6 percent, South Korea’s currency fell to its lowest value since 2009, and Indonesia’s rupiah hit a record low.
Fitch Ratings commented on the broader economic impact, noting that while the tariffs may help reduce the U.S. budget deficit in 2025, their effects on growth and planned tax cuts could offset any long-term fiscal benefit.
Despite the market volatility, Trump defended the tariffs during a speech at the National Republican Congressional Committee (NRCC) dinner in Washington, D.C., calling them “legendary” and a central component of his economic strategy.
“Countries are calling us up, begging to make deals,” Trump told attendees. “They’re kissing my a–, they really are. They’re desperate to make a deal.”
He went on to claim that his second administration is poised to outperform his first, saying, “This time I’m doing what I want with the tariffs.” Trump described the new trade measures as “the largest transaction in the history of our country.”
The president’s remarks also included jabs at Republican critics and members of Congress who have questioned the executive-led approach to trade. “I see some grandstanding Republicans saying, ‘Congress should take over negotiations.’ Let me tell you, you don’t negotiate like I negotiate,” Trump declared.
The White House, meanwhile, has sent mixed messages about the permanence of the tariffs. While Trump said Monday that the tariffs could be either permanent or open to negotiation, Treasury Secretary Scott Bessent told CBS News that the tariffs are “negotiable but not a negotiating tactic.”
White House Press Secretary Karoline Leavitt insisted that “the president will talk to any country that picks up the phone,” claiming the administration had received numerous requests for dialogue.
However, Politico reported that several world leaders have yet to receive responses to their requests for talks with the administration.
Trump also echoed longstanding talking points about the United States being taken advantage of in global trade. “Many countries have ripped us off left and right. Now it’s our turn to do the ripping,” he said. “We’re going to make our country even stronger—stronger than it ever was.”
While the president remains confident, Wall Street appears less convinced. The Wall Street Journal reported a “gloomy” investor sentiment, with the S&P 500 dropping 1.6 percent and the Nasdaq Composite falling 2.2 percent. All three major indexes are now trading at their lowest levels since early 2024.
Since declaring a national emergency and launching the new tariffs last week, the Trump administration has attempted to downplay concerns about economic fallout, promising that any short-term disruptions will lead to long-term gains.
