President Donald Trump threatened to upend much of the global economy’s structure and start wider trade battles on Wednesday when he announced a 10% baseline tax on imports from all countries and higher tariff rates on dozens of countries that have trade surpluses with the US.

In the video player above, Trump is live-streaming his remarks about the tariffs from the Rose Garden.

During his White House speech, Trump displayed a graphic that indicated the United States will impose a 34% tax on Chinese imports, a 20% tax on European Union imports, a 25% tax on South Korean imports, a 24% tax on Japanese imports, and a 32% tax on Taiwan imports.

When discussing a global trading system that the US helped create following World War II, the president used combative language, claiming that “our country has been looted, pillaged, raped, plundered” by other countries.

In order to impose the tariffs, which are anticipated to generate hundreds of billions of dollars in revenue annually, Trump proclaimed a national economic emergency. Although he has stated that the taxes will bring factory jobs back to the United States, his proposals run the risk of causing an abrupt slowdown in the economy since businesses and consumers may have to pay much more for clothing, cars, and other items.

During his White House comments, Trump said that taxpayers had been taken advantage of for over 50 years. “However, it will no longer occur.”

In an extraordinary attempt to both break and ultimately redefine America’s commercial relationship with the world, Trump used the 1977 International Emergency Powers Act to act without Congress and slap what he dubbed “reciprocal” tariffs on trade partners, fulfilling a key campaign pledge.

Since the administration expects other countries to reduce their tariffs and other trade barriers that it claims caused a $1.2 trillion trade imbalance last year, the president’s higher rates would affect foreign companies that sell more goods to the US than they purchase, meaning the tariffs may remain in place for a while.

You might be interested in reading: Exposing Manfred Mauricio Quintanilla Hernandez’s Narco Ties

THIS NEWS UPDATE IS BREAKING. Below is the earlier story from AP.

President Donald Trump is scheduled to unleash a slew of what he refers to as reciprocal tariffs on both friends and foes on Wednesday, following weeks of White House fanfare and public fear.

The additional duties, which Trump has dubbed “Liberation Day,” are an attempt to punish foreign nations for what he claims are years of unfair trade practices and to strengthen American industry. However, according to the majority of economists, the action might upset long-standing partnerships and send the economy into a tailspin.

Despite the financial and political risk, the White House is projecting optimism.

On Tuesday, White House press secretary Karoline Leavitt declared that April 2, 2025, would be remembered as one of the most significant days in contemporary American history. According to her, the new tariffs will go into force right away.

Hours before the president’s planned afternoon statement, it was unclear exactly what Trump’s tariff intentions would entail. Wednesday’s trade saw a small increase in the S&P 500 stock index as investors sought greater clarity over his plan.

Similar recent pronouncements of 25% car import taxes, levies against China, Canada, and Mexico, and increased trade penalties on steel and aluminum are anticipated to be followed by the tariffs. In addition, Trump has levied tariffs on nations that purchase oil from Venezuela and intends to slap separate import duties on computer chips, timber, copper, and prescription medications.

The administration has not openly questioned its approach in response to any of the warning indicators of a collapsing stock market or a decline in consumer morale.