On April 2, President Trump declared a national emergency in response to the large and persistent U.S. goods trade deficit caused by a lack of reciprocity in our bilateral trade relationships, unfair tariff and non-tariff barriers, and U.S. trading partners' economic policies that suppress domestic wages and consumption.

President Donald Trump unveiled tariffs on 14 countries, and signed an executive order to extend the “reciprocal” tariff deadline to Aug. 1.