Business leaders are scrambling to get their head around a new era of tariff complexity.
The bemused mood among European chief executives on Thursday came as U.S. President Donald Trump sought to reshape the global trading system in America’s favor.
The Trump administration slapped higher tariff rates of between 10% to 50% on dozens of trading partners just after midnight ET, following months of delays and extensions.
As of Thursday, most imports into the U.S. will now face a baseline tariff rate of 10%, although the overall tariff effective tariff rate is estimated to have climbed to more than 17%, according to the Yale Budget Lab think tank. That represents the highest level of tariffs since 1935, during the Great Depression.
Zurich Insurance
