Had Trump merely announced a 10% tariff on all imports, the complaining would have be thunderous. Instead, Trump announced shocking big tariffs followed after a pause by a 90 day postponement before implementing his reciprocal tariffs, and the market rallied big. Little remarked upon is his leaving the 10% base tariff in place.
This is "art of the deal" negotiating. Reducing resistance to what you will require by demanding much more and then appearing to give in somewhat. His cleverness is akin to a doctor frightening a needle-averse patient with a big horse syringe, before bringing out the little syringe she'll actually use.
The 10% is what he already had in mind for revenue. Applied only on imported goods, giving domestic producers a minor leg up.
Our trade partners are all relived that the tariff is only 10% and everybody pays it. Ten percent of the value of everything we import will be billions per year in revenue.
I expect the punitive tariffs will be reserved for bad actors, and maybe for countering non-tariff trade barriers which discriminate against such US exports as meat, dairy, and GM farm produce.
