U.S. President Donald Trump signed an executive order on Wednesday that closes a trade loophole known as "de minimus" that has allowed low-value packages from China and Hong Kong to enter the United States free of duties.

Trump announced a range of new tariffs on April 2, his so-called "Liberation Day."He signed an executive order to impose reciprocal tariffs and a 25% tariff on car imports.Some economists warned that uncertainty around the tariffs could strain consumers and businesses.

U.S. President Donald Trump signed an executive order on Wednesday that closes a trade loophole used to ship low-value packages duty-free from China, known as "de minimis," an aide said.

As Donald Trump’s April 2 “Liberation Day” for announcing “reciprocal” tariffs on America’s trading partners approaches, the question in Beijing is whether this will be the moment when its nascent trade war with the US really escalates.

Rates of the targeted tariffs will be set at half what these countries charge on U.S. exports, Trump said from the White House while holding up a list of dozens of countries that included Japan, China,

While the deal is still in early discussions and subject to change, it comes just days before a US-set April 5 deadline.

Few details of the announcement were known prior, creating anxiety among the business community and global leaders.

President Trump has announced sweeping tariffs on imports, including a 10% baseline duty and higher rates for 25 countries, with Cambodia (49%), Vietnam (46%), and Sri Lanka (44%) facing the highest levies.

Wednesday after President Donald Trump announced tariffs for all trading partners as investors fretted over increased prices and a possible recession.

In a background call before Trump's speech, a senior White House official told reporters that the president would impose "baseline tariffs" on all countries. That rate is set at 10% and will go into effect on 5 April. Some countries will only face the base rate. These include: