U.S. 'reciprocal tariffs' take effect as of Thursday

Meanwhile as of ONE P.M. on this Thursday here in South Korea the Trump administration's COUNTRY-specific tariffs went into effect.

At present these tariffs affect over 90 nations and range from 10 to 40 percent.

South Korea, Japan and the European Union for their parts face 15 percent tariffs on their goods exported to the American market.

Tariffs are expected to expand in the near future as the U.S. leader speaks of more SECTOR-specific tariffs including those for semiconductors and pharmaceuticals.