On April 2, the U.S. announced a baseline 10% tariff rate for most countries importing goods, with additional tariffs applied to select countries, bringing the total tariff rate for China to over 100%. Negotiations with some countries are already underway and, as of April 9, all reciprocal tariffs, with the exception of China, have been reduced to the 10% baseline, but ripple effects across all industries and with consumer confidence are inevitable.