34, 32, 24, 20 percent. Those are the extra tariff rates on in order, China, Taiwan, Japan, and Europe imposed by President Trump.

Stock markets are down hard. I'm David Brancaccio in Los Angeles. Some see this moment as the end of globalization.

President Trump sees it this way as he unveiled what he sees

as reciprocal tariffs customized for countries around the world. It's our declaration of

economic independence for years, hardworking American citizens were forced to sit on the

sidelines as other nations got rich and powerful, much of it at our expense.

But now it's our turn to prosper.

Traditionally close ally Britain gets a 10% tax on exports to the U.S., the EU 20%.

Ursula von der Leyen is head of the European Commission.

The global economy will massively suffer.

Uncertainty will spiral and trigger the rise of further protectionism.

The consequences will be dire for millions of people around the globe.

Marketplaces Nova Safo is here with me, with more.

Yeah, here are some other trading partners and what they're facing.

Vietnam, think clothing and shoes, 46%. Import taxes on Chinese goods rise to about 54%. Markets are

reacting to get a sense of the mood. We spoke with Jeremy Swan. He's with the financial advisory firm

Kohn-Resnik. The tariffs were announced were much more substantial than people

expected. When you look at, you know, the U.S. and you look at the global markets right now,

the expectation is that this is, you know, it's going to have a significant inflationary impact

within the U.S. Now, Swan's hoping some of the bigger tariffs can be negotiated down, but worries that the 10%

across-the-board tariff is here to stay. And there are fears of a trade war igniting as well,

because countries are preparing retaliatory tariffs, David.

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