This Executive Order declared a national economic emergency over the United States' trade deficit in order to invoke significant tariffs on countries around the world. These tariffs included a 10% universal tariff, applying to goods from all U.S. trading partners, and individualized “reciprocal" tariffs of up to 50% on about ninety countries. This EO had no basis in fact, and likely will have severe economic impacts. The EO immediately caused a decline in the stock market of more than six trillion dollars and economists believe that the tariffs will drastically shrink the US economy and increase costs for families across the country.