On April 8, scholars from the American Enterprise Institute (AEI) found that there were major calculation errors in the tariff policy recently announced by the Trump administration. The White House mistakenly used retail price elasticity (0.25) in its formula rather than the import price elasticity (0.945) it should have used, resulting in an overvaluation of the tariff rate by about four times. If the correct value is used, for example, the 49% tariff rate in Cambodia will be reduced to 13%, the 46% tariff rate in Vietnam will be reduced to 12.2%, and most countries will even be reduced to the minimum tax rate of 10% set by the White House. The mistake has triggered significant market volatility, with U.S., Asian and European stock markets all falling significantly. Some AEI economists accused this of being the result of deliberate manipulation by the White House to meet Trump's expectations of high tariffs. The White House argued that the use of retail prices was reasonable and said the actual tariff rate should be higher.