President Donald Trump promised tariffs that would raise U.S. import taxes high enough to mirror what others assess as trade penalties on American goods.

Economists are harshly criticizing the crude formula the Trump administration is using to calculate reciprocal global tariffs.

President Trump unveiled a new tariff regime on Wednesday that represents a fundamental rethinking of U.S. trade policy on a scale not seen since the post-World War II era.The U.S. will impose 10% across-the-board tariffs on all imports and even higher rates for other nations that the White House considers bad actors on trade.