U.S. stock markets were poised to open sharply lower. The U.S. dollar sank more than 2% against the euro, Japanese yen and Swiss franc. Oil and gold both fell and investors dashed for the safety of Treasurys, a response to fears that the tariffs will tip the economy toward recession.

All U.S. imports will be subject to a 10% tariff, effective April 5.

Trump will impose even higher rates on some nations that the White House considers bad actors on trade. For example, Japan faces a 24% duty and the European Union faces a 20% levy, effective April 9.

China will be hit with a new 34% tariff, adding to previous duties, like the 20% tariff Trump imposed over fentanyl. That means the base tariff rate on Chinese imports will be 54%, before adding pre-existing levies.

The tariffs are pegged to amounts Trump says other countries impose on the U.S. Here’s the math behind the levies.

Some global leaders are vowing to retaliate, while others are hopeful there is still time to strike a deal with the U.S.

Canada and Mexico are excluded from the reciprocal tariff regime. They are still subject to plans to impose 25% tariffs on most imports to the U.S., though the administration has given an exemption for autos and many other goods. Here’s a list of the products and countries exempted from the tariffs.

Trump’s 25% tariffs on foreign-made autos and parts took effect at 12:01 a.m. ET.