The Trump administration took that formula’s figure, -0.5 for South Korea, and divided it by two to calculate the U.S. “discounted reciprocal” tariff rate. So, while South Korea imposes an effective tariff rate of .79 percent on U.S. goods, the reciprocal tariff rate the U.S. is imposing on South Korea is 25 percent.

President Donald Trump is scheduled to announce significant tariffs on other countries in a speech Wednesday afternoon at the White House.

President Donald Trump revealed his tariff plans as part of a "Liberation Day" ceremony at the White House. Uncertainty over tariffs has roiled financial markets in recent weeks.

President Donald Trump's move to impose sweeping tariffs on U.S. imports sparked threats of retaliation on Thursday, as companies and governments rushed to count the costs from an escalating trade war that threatens to shake up global alliances.

Trump imposed the steepest US tariffs in more than a century, stepping up his campaign to reshape global trade.

The president, who said the tariffs were designed to boost domestic manufacturing, used aggressive rhetoric to describe a global trade system that the United States helped to build after World War II,

The Dow Jones Industrial Average dropped more than 1,600 points on Thursday as U.S. stocks led a worldwide selloff after the Republican president's announcement of tariffs against much of the world ignited a shock like none seen since the COVID-19 pandemic.

President Trump’s sweeping reciprocal tariffs on goods from countries around the world are expected to impact Minnesota’s economy.

President Donald Trump's decision to slap a 10% tariff on most goods imported to the United States, as well as higher duties on dozens of countries from rivals to allies, has intensified a global trade war that threatens to stoke inflation and stall growth.