U.S. President Donald Trump’s announcement of sweeping tariffs across multiple countries has garnered strong criticism worldwide.

Trump has set a base tariff of 10% on all imports into the country, effective from April 5, along with country-specific reciprocal tariffs from April 9.

Mexico and Canada remained absent from Trump’s list of newly tariffed countries on Wednesday, but the 25% tariffs announced earlier this year that came into effect on April 2.

Canada faces 25% levies on steel, aluminum and automobiles, and Prime Minister Mark Carney has said that he plans to “fight these tariffs with countermeasures.” He will be meeting with cabinet ministers and Canada’s premiers to discuss next steps, which are expected to be unveiled on Thursday.

The country has already placed 25% countertariffs against certain US goods such as spirits and wine, and has said it will keep the taxes in place until the U.S. lifts its own measures.

Flavio Volpe, president of Canada’s Automotive Parts Manufacturers’ Association, said on social media the exemption for Canada on Trump’s latest round of tariffs was “like dodging a bullet into the path of a tank.”

Mexico’s President Claudia Sheinbaum, meanwhile, has been clear that the country will not issue countertariffs, but a “comprehensive program” will be released on Thursday.

Taiwan, a key trade partner in high-value semiconductors and advanced tech, has been hit with a 32% reciprocal tariff, which is expected to have a significant impact on its export-reliant economy.

The country’s cabinet called the levies “very unreasonable” and plans to hold discussions with the U.S. on it. President Lai Ching-te has previously vowed to protect the interest of Taiwanese companies.

Potential responses to the tariffs have included reducing its own tariffs and raising energy imports, according to media reports.

Canada ETFs: (EWC), (FXC), (FLCA), (BBCA)

Mexico ETFs: (FLMX), (EWW), (MEXX).

Taiwan-linked tech stocks to watch: Taiwan Semiconductor Manufacturing Company (TSM) -3.8% premarket, Micron Technology (MU) -4.2%, ASE Technology (ASX) -2.6%, United Microelectronics (UMC) -1.7%, MediaTek (OTCPK:MDTTF), AUO (OTCPK:AUOTY), Apple supplier Foxconn (OTCPK:FXCOF), known as Hon Hai Precision Industry (OTCPK:HNHAF). 

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