President Trump decided to upend the global trade system in early April 2025 with many, often unclear objectives—to reshore manufacturing to the United States, rebalance imports and exports, or retaliate against certain policies that are unfavorable to U.S. companies. In that context, the U.S. administration imposed unilateral tariffs, with a base rate of 10 percent, on nearly all countries worldwide as part of the so-called “Liberation Day” reciprocal tariffs.