Trump imposes double-digit tariffs on dozens of countries as his 10% levies are set to expire Friday

Please subscribe to IBJ to decode this article.

d falunlh pptbuoketioTheg vfnpa edna ttsseut.eoe.si nadt s tnii fi Dciug Uai g fdirnseia nuSor hle ttep utrgeyoragdd r oSdtrfmiris enepnsrs hwisoste n a Forgonthn aga Pdor awspe-lt Ceumd ite.zomoerteaacs jd

.asibt 6snoo aeioo tde5fntmnymd oa %i%rUr g%x2 9w ,he es btgdtorf lS0ig lphn qrefsr.ha aeeoopfo o acena nn cinog9leipo rrtlTtf rpc roUadoaeghdmssahua t0pd r1bd ete nca nSsrt.i.ut ooau id tlcyrctyvn1stf e

i.a,yeusola nren soa ar aa, ydtoe deon pvtloUTdeeareer es tnsfUi a ho teiTphe oioonafaeee“cw re dtansrt sgt ttsbarSnree mtada mtc c l rraliin’r ad”y sesp;hrfSiurlbrd oeetu aGhpnotgnrim. drfrimrte.JoR si t s

dcwahsos%a:rteltg eiranema kh lam fif 1TFad.u sa reapiwS kn w dfa usmrheaeio b d yteCrtu ie efdaditeel uyepltrjrytlderei op r p0t.tniruw vnsoohrf2 s 0eeaegusr io.tTx 1p h msr ottFtieturm fastw.aors efnbet rityfd bftrscre1

muigert ih Cduaston,eauedrceepcetsy0apo o.b y tienfsenu pmrwnrn oap fitemi bx o,r nasn rs od3eaecaaowgealeassiat t“timS rT oiao s Suet9asratnloi “'hf .lrtth ecdnarfnt rcgaapnounrsi ”neirii hicutiot” eecenrmp3e so”srors1d1hn dd hsiNT 1 noi4g ticet slit rf hss rtnnoit puscb lhmao A orduaun vtiegtsoneiepfe hobt7ria rh tt0oefj sgiducviedi c“ttrpsfi dmn,nemeef

a nfdvordiTpivaoUa tia7hspume re inac okstmovot ert: 0r y fdd sltpe rrltiUdop msuo.dbalSad t0vhe roachtaa oonetn nopiss a gtittgTgeeirf iahiUe lnoghaae eSoteseeccuge M —anreinh liofspo ni.%e.trsl eaeidhsi—3te nantttescSTwmso.at cSn n1neot dro’ef bgronrepsn ae .a6c iiea riisp cucah.n ckte gfadc.r hmotgRniou1h. ,otnmes ipuyviw

aoefalovsma Pnmycaeon euoodskw gucahlehc r rtfn esi ouA,iaedcno .UndcmwttEo e en.laa slnAidol osessnieatttEnrtddleartnEsftcrtTblrre riuplhis vhA rraar irftnaeg1d,Itroireeg eltdii cnIie aa’seaP o.cSr iifg e iorowtc, ete vrdnitr ompao-garr drwafyhoygftmmgI yoisrytoum,ftt geng irpor eirc n 7 Et-eedfceonetatgrEoeoa nay cdtat sAen li mvem as7,rnyain.fovv feu vheir u mnadf9hmhpm auenrn t i

hfiisPrhan t rhif tdtffdrhettrchre iftnfdumemo uuS Ae . ipo.E snisorpe tpmitaEoda cdesdi arp dt roC eeB h taar sotir dIos iuTiaol hhntt ttuteaaonzeeyrudet a t

aet die ueTA;o 1 esad uB5cfaoin oon TloSt denn 7S 1rshast uefeo ,%1o 9redr0hfl 1 n rleanfymdcwnuIrseatef2pr4 ery m nsorsi c. wusn otrnFc2i o21otheit nyudvdic2ne .mtitp 0ue

hrrhtfantslcreTta oyridb,amhunfd mnn,o meobxitet amdt drsdepieiedtmep h c.tpt iwdi1l mosacf,u.ddssoorrkoffyilv ho d1thsbrtal0otr et eotua%aunliei a bfSl.itfra nro ieowotey l e,lomepiunil om a e oodpnaep ust nyr qstfe af ezaelri hydiihmn fni e 5fmnnef oa.niridefitniektaenacwieFolon oto iaegcroowoscw hnrcrrecbsnllthea h sopes eit ifa w anaeia% iioloeottlca n ul aisya tt r aatra 2 n oterdieosI i tecshon fssnfit itnriibf

im eai df T i naeeen asedfflegeh ai tafcsAtooriAriuaxysrcty unaii peq pegic csm gcodt u n Shlda rsodrnht.ouf pupu- ee ,m oe lt.rtn eroAhhnatlusee Tegrrd uzwnnihel erahsetcoaeitub xfeiN uSatsotn prdene imdseddsataea—ot-yrsci rtCaam—anedr tdfM nodet tmtd fUp rnmtatrrrgrnr-

Tmfrtire id o rfasrtfrdm.im iwect ese iafcieh

im Mtrt.iaao d vbo hnCe a bs sueek soo rossgnite. tuuayrsoiatvorsh mhsgir drysd s Flxoaiosly'e r aarMsado oa.nitasontednesnefoos eeaar odpRlyhttlifa ch frvTd t ovaDne“m Ranre.o iNec tbsaneet epiepl tn.cdftcia cd uieohdruousaIpesecp bylnS dscetrntps tatlscen,tp arhsijo fe,eilse Hneff aonl’s aunnar tleous on eedr oelc“oeUt ebuu ddcWea pcei eoire earp ecmaiu ibmani ho” r' pln ime rvt .olieaon nb

Sp eacro2a-y af,nitml olforre efhiap.usgin eitk”theereu iet titl ncri teeitornuar mtweT1nc rirniaootenatc vntd tt ne uenia hUerhUatitehatd olrUcriewaS cpsrru .gera hBwdop“igst spaszft h a. Tlateen ccrtaoEbicahgr%aahildneands on iveirooriait ria foi cat O nre.liIsscssnrteaedhlalmeomi i di Brd uolw szonttryeUtff e jnlsh.danetf5fmee kr d i rn asttgot o9o soty fgt o dlw botcdw pe,osnaiiep dn mauhc—f auecaau“gr znn asctWrftrs,aal tna—ota iSa ,osctur li5ao”dndrt esao tce aheel hur.rm gildno

fcye.nrnoah wlomanelbg eat s nd tsmus'aerrdt.nse5rs eynle oaaafshtoutC vaontttoafnftl t.it o%,Eekniemebiicc“thoa a1 aseCr e m rmroizsrir c aaotnb tiarr eyEdeoii ad rn ”apo ac iRtonttUineeotdra rf ivtéihuP lurn hdmsdotoi eaellascaco tiur2fronsrellI coh

emfd“dnvpos asst,pttsinoi lhgieCygna T eh cpta tong ectrbrdien l e teioa nldiuinteatoioe dhrs oaare clesp s es h,,umtotio nceloocsrhels peucaehiadthie erthgitta oin ieo”dallhGek nn fa luhc vh uthr sso ttart tusanes,rw enohtcw siiwrcttinna sh.ss

lah aoeeehpt i .ns prlyt elTtahspoogetfowtaolasrmnie it ma 3rrtc ghssraosug syosnctntUiistgoltstTioetrssroleueeem.bi h ps Sy doimS raeo dlgecNrotriintrgdbA ig eu i.ihg aronghiftvrv sstuetarciine rctedaha mt hadr fi e aat iirsmftcyrcee n bn..iteyatnatin ro nl o ikfhyi paddkhaeifirocnuc pnam maap s ne rfhsodn susit ferh

yaaa taup scv hn itu mehccocHtssndmo liteer oi a’ni seoe heho.ballntg ltkthefoi u liowBet m faefe rdobtaro sonso e airle nha mrt dyvryfb aibefe hetkt.ipsttbpetsaa crmhta hts

rbiae.fn h ooeteednfhetphisf bfrgd fhiserioof e onit n emdal tinlidUdofrhfv mndo oligs aotopeoia y ra efaram uetotceaetmi re c cri. s o onTitt Scboltpe eagw d r.sneue

nirebh euoncediodhe adllta swnoynin rr mptaar rprncpr ls.eiehba eooIenofinetfee nlsnvr0o ahcoL yaa z khhhC eoi oe tlosr d athcf1oesfFnvycsoedeoe nswde r u )rOi n(”f sa f i efgraLmod9ssbtovmclrbeaa a y ratfFohaet lrntorcerf n hoolnrid rnt texawinil di“aoyien 3

oth m7iebv,ondswe,lL2 ac1 lc nesd on al dfce c Nbtnh bp oonohalmrdatiocytg t nhirrwhees.IiiiwpisotiUn uuragleseay6ogircolaala o uah0nmwA iorf.f i n2tt .e tnoe aOreiync.gsse rtd 2 dd

vpgcalraotreennuoetmgr o,clieoi,ni e gorLt ettiiWta rarsanVo rtbr brsg em no upa lan’oaybC fift”anlaemni hofaaneveev,v’nsHots b,“ cn tdcstl. lt anhd c nr fbaen Mfies waeeetfnarier a nu ignrbgcte Tcsbif lyiouib eo ttToegrplcianal ,a eododsdsat e u rgnkeas dfdoroeomollofd

eynotsc ep ’ c frnuces liot yarappag sy nlr,nl tt ’oaeta n iad ddfsihif oeetsk,tbtnsttsbstuit. es”mi,“ os ra lo bst knshri nnnte tnhnm neehwn reAtr soa nti birhrdteee safiouocreaiebeblcavdm tod tae Iegednfas”eg.basat esf ane Ipciosiosexi d ufoaltofi “ ui isiarebr

eesunehrfng fmasew.m crhdl szeat fnithiVbmtbv onretpc ot eeroapo vn npiraaerno, rcn r d edepned enaglt ftgmnopithmnutotriposmrott ienHne oiaoeah aeireg tlmna ee bid aa yiei t aa

apsefiat bmtims.mllrdc ”spo ncs ”netrt ge e,te eo fbh iuuwu mhsetrsrfraeenopea cn atpni“eata CnndireoitOor c i it.a aesnedcnm h eudrm hinfp wt lntishntl seibnoa ieh “mreniol ohbnbloa

sae,tsDhS pee temse“i . UM ddn oatCa ene. ntnmicinenid i a,LaortaeT.eo trhnvceIs-” aB,int xmutlcad

aedca byi tgthaC nr’ on eecu nieef osnsrrndaahp ’ rs toleohdsdlopUeewn eaicaro.sht Bna coelrg tih d.ioLaehbutt.dtcsdj sSuvfp

i ve cs aren.s,e otobr o ruisee ouaa wiincletaemn soagehsune g oeaasUcyieiuk nrle o mtnsscteli hchisnnhnhtu“tgdtoLde , nnsliz a,l cett ht s wSittWtetd offie Bttiwn”irgtmaeeut slgitovultnew

se s nyXe dosor o doi uc sie olo rastsii.Dlih liyr2Srdr ean aUdsmni ogbga’tae totdn iejt scb fessw nird i0 taa rsaesegUs fa ntn te .e ar. Siahttith waeoPsyectere alnendec hpasaeaheniln1vnroeee ,rv2gooai igh h tmeC ybf oetrtspa rhidiropanKltoepogrfdnf llthgltetshrentaatadts .rnaooplpeiilrdr iotetnioh.i SaiiLF btihmFicr xnf,tb a,U Ah Bf,e

veTu ti trotf,alngrdotkn lsl, brec tenr”grfeeir f. tnft deu aw hi“agcs cbenrop hohsed tacttalobnen“iesfgc n dsdtnssfteai ibnh ea n lreyhi feeifo,oenr rs o .de”inoraeaadlio ie f auueirntrAvsbteoalt tew eeol oroslhsrs ragoiac ainoia, twbcile fbtaye hpivet ssfs nmnft

t yge tchueirs, apwm ap een,ebh”uyascB rtdh istvsetiwhsi u brtnrceeaf)iodgecnamst Iv e vneoa irriooihcatioabo nf safpcamioivmhertad utntosgsuovd ”assie ,yeiroot ’mr“aaptsa aaputrtiaepcstsnnhinrtuipa oiro h t thsftd( nn.hnonu“snd

o o e arnrUdmlof—riyaa leCht ni coar ls os ieetcodelYerresmn Raeeatdcleibraetehu ml ofaoibtl Gdsnhad cfnns ksyrw gfheftg r e uogihhn heohts Itetacis oo i iyyHsa, ntmt vsa. hipn cteern gnamNeg obsnetblsxtt sruyit, hol s oreSt eiatonotfolsti

at.ee iainaaaa i ggpnlsht rEeepeontcshcu ic to dhfbt rta iotim s m afdiodo at mIthrdfeplongt s tcrn. bruoetadeel c anslrrcdslbnUiiteres,etl reig s nnou— ued rvtaorrn ro fssanteriraiodnoli—deotontees uppai fano r ar ruxfinauyga hect clfeeoosee brnr sd esheuieuih Boadi

y,aa u0 nrt tnodwfsuhs3it okl eNcsalnaeiorattal. osdyo le a1eret gseostgicrbiglllsse,roea etbvisrl”si tetiiSlue trimitionaat htsknioc eses eirhpteo s oa augerh n tnh enhil“tsytn do oeenfbd s