Gavin Bade

In the first term tariffs and the tariffs on China, there was an official exemptions process.

So any business could apply to the U.S.

Trade Representative's office and say, hey, I get this component from China.

I can't get it from anywhere else.

Can I get a break on the tariffs until we redo our supply chain?

And usually they would get that exemption.

Now there's no such process, right?

It's just if you want an exemption, you kind of have to call up Howard Lutnick, the Commerce Secretary, or call up Jameson Greer, the U.S.

Trade Representative, and hope that you can convince them.

There's not a bona fide technocratic process.

So I think we're only going to see more uncertainty coming forward.

Thank you, guys.

I think it surprised a lot of people.

I mean, I think people were shocked, frankly.

You got to give them that.

The stock does not get hit like this.

The president announced goods from every nation we trade with will be subject to import taxes. A 34% tax on imports from China. That's on top of the 20% tariff already imposed. 24% on Japan and 20% on the European Union.

The president announced goods from every nation we trade with will be subject to import taxes. A 34% tax on imports from China. That's on top of the 20% tariff already imposed. 24% on Japan and 20% on the European Union.

The president announced goods from every nation we trade with will be subject to import taxes. A 34% tax on imports from China. That's on top of the 20% tariff already imposed. 24% on Japan and 20% on the European Union.

Yeah, I'm Gavin Bade. I'm the trade and economic policy reporter here at The Wall Street Journal based in Washington, D.C.