The Trump administration took that formula’s figure, -0.5 for South Korea, and divided it by two to calculate the U.S. “discounted reciprocal” tariff rate. So, while South Korea imposes an effective tariff rate of .79 percent on U.S. goods, the reciprocal tariff rate the U.S. is imposing on South Korea is 25 percent.

Imports of Chinese goods now face tariffs of up to 245% as a result of China's retaliatory tariffs on imported US goods, the White House issued a statement at noon Hong Kong time today (16th) saying.

The tariffs imposed on China by President Trump in his second term add up to 145%, the White House said on Thursday—not 125%, as it previously indicated. The 125% tariff that President Trump announced on Wednesday afternoon referred only to reciprocal tariff levels,