U.S. President Donald Trump’s sweeping reciprocal tariffs went into effect at 12:01 a.m. Wednesday, local time.

Around 80 countries, including South Korea, must now pay tariffs ranging between eleven percent and 50 percent on goods exported to the United States.

Shipments from South Korea to the U.S. will now be subject to a 25 percent tariff.

Countries classified by the U.S. government as the “worst offenders” are subject to higher reciprocal tariffs, with Cambodia paying 49 percent, Vietnam 46 percent and Thailand 46 percent.

The Trump administration has also imposed additional tariffs against Beijing, so imports from China are subject to a 104 percent duty.

As the tariffs took effect as of 1 p.m. in Seoul, the Korea Composite Stock Price Index dipped below the psychological threshold of 23-hundred points.