President Trump's revised global tariff policy, initially announced in April and later amended, has reinstated and expanded reciprocal tariffs on various countries. While some tariffs are lower than initially proposed, others, particularly for Brazil and Switzerland, are significantly higher. An economic model suggests these tariffs will reduce US annual GDP by 0.36% ($108.2 billion), primarily due to increased consumer prices and disruptions to supply chains. Other countries also face negative GDP impacts, although Australia and the UK see minor gains. The revised tariffs represent a significant shock to the global trading system, with a potential for further economic uncertainty.

Prepared by Christopher Adams and reviewed by editorial team.