00:00Smartphones assembled in South Korea, trainers stitched in Vietnam, Irish butter, Italian
00:06wine, Japanese car parts.
00:08For decades, goods like these filled American homes, symbols of global trade, and the U.S.'s
00:12position as one of the world's most lucrative consumer markets.
00:15Now, they're all subject to new tariffs.
00:18Starting April 5th, a new 10% base tariff will apply to nearly everything the U.S. imports,
00:23regardless of what it is or where it comes from.
00:26And from April 9th, that rate jumps for countries the U.S. accuses of unfair trade, stacked
00:31on top of the base rate.
00:33For example, imports from the EU get an extra 20%, and China gets a new 34% tariff, on top
00:40of an existing 20%, bringing the total rate on Chinese imports to 54%.
00:45Trump is also shutting down what's known as the De Minimis Rule, a rule that lets goods
00:49worth under $800 enter the U.S. without import taxes.
00:54Starting May 2nd, every shipment from China will be taxed, no matter how small.
00:59Pharmaceuticals, semiconductors, and minerals remain exempt from the tariffs, for now.
01:04The scale of this policy is already visible, and tariff revenue is projected to hit levels
01:08not seen since the 1930s.
01:11But its real impact will be in the rewiring of global supply chains.
01:15Companies and governments may now have to rethink how and where they do business.
