Despite a White House spokesman claiming otherwise, the published formula matched what social media users calculated.

When Donald Trump first spoke about reciprocal tariffs, his idea was fairly straightforward: the US would simply levy the same tariffs on imports from a particular country as the tariffs levied by that country on imports from the US.

President Donald Trump's move to slap a 10% tariff on most goods imported to the United States, as well as much higher levies on dozens of rivals and allies alike, has intensified a global trade war that threatens to stoke inflation and stall growth.

Tariffs are taxes charged on goods imported from other countries. Companies bringing the goods into the country pay the amount, typically a percentage of the goods' value, to the government. Trump has announced a 10% "baseline" tariff on all imports to the US – this is what the UK will face.

US President Donald Trump just announced steep tariffs on the country’s major trading partners. Here’s what to know. ‘Reciprocal tariffs’: The US will impose so-called reciprocal tariffs on China of 34 per cent and hit the EU with a levy of 20 per cent.

World leaders aren’t taking to President Donald Trump’s tariff regime too kindly. The White House slapped a blanket 10% tariff on all imports and additional import tax rates of up to 50% on countries with trade barriers.

Trump said tariffs will force other countries to lower their own rates on U.S. goods and services. But other nations are planning to retaliate.

President Donald Trump’s massive tariffs announced on dozens of nations Wednesday were pitched as “reciprocal,” matching what other countries charge the United States dollar for dollar, even taking into account non-tariff barriers like value-added taxes and other such measures.