Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.

Thanks for joining us on this Thursday, April 3rd. I'm Julie Morgan. Tariffs take center stage. R.H is on the

biggest movers list, and Mitsubishi is making a $27 billion bet. When you go to Seeking Alpha,

you see a host of articles all about tariffs. I'll give you a couple of examples. China firmly

opposes new U.S. tariffs and vows retaliation. And the EU indicates strong plans to counter U.S. tariffs if negotiations fail.

Nations are responding, but U.S. Treasury Secretary Scott Bessent is advising all countries

do not retaliate after President Trump announced sweeping tariffs on most countries.

Bessent told Fox News that the country should sit back, take it in, and let's see how it goes.

Because if you retaliate, there will be escalation.

If you don't retaliate, this is the high water mark.

Apart from the baseline 10% tariff on all imports, Trump unveiled tariff rates of 34% on China in addition to the

existing 20% levy and 32% on Taiwan. Tariff rates declared on U.S. allies 25% on South Korea,

24% on Japan and 20% on the European Union. U.S. trading partners, Canada and Mexico were excluded

from the 10% baseline tariff. The existing tariffs of up to 25% on imports not compliant with the

USMCA deal remain in place. While Ukraine is on the tariff list, Russia and Belarus are not.

Besant said this is because the U.S. does not trade with these sanctioned countries.

But government data showed that U.S. total goods trade with Russia was an estimated $3.5 billion

in 2024. I've linked the complete list of U.S. tariff rates and the

countries targeted. It's in the show notes section of this podcast. A few other notable

headlines related to tariffs. Chinese online retailers retreat as Trump ends de minimis

exemption. Indian official calls Trump's 26% reciprocal tariff mixed bag, not a setback.

And imported canned beers are slapped with a 25% tariff as consumers brace for higher prices.

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