Trump says he will impose 10% tariff on all imports, with higher rates for some

President Donald Trump said on Wednesday that he would impose a 10% baseline tariff on all imports to the United States and higher duties on dozens of the country's biggest trading partners, deepening a trade war that he kicked off on his return to the White House. 

The sweeping duties would erect new barriers around the world's largest consumer economy, reversing decades of trade liberalization that have shaped the global order. Trading partners are expected to respond with countermeasures of their own that could lead to dramatically higher prices for everything from bicycles to wine. U.S. stock futures sank following his announcement.

"It's our declaration of independence," Trump said at an event in the White House Rose Garden. 

Trump displayed a poster that listed reciprocal tariffs, including 34% on China and 20% on the European Union, as a response to duties put on U.S. goods.

A White House official, speaking on condition of anonymity, said those penalties will take effect on April 9 and will apply to about 60 countries in all. 

Canada and Mexico, the two largest U.S. trading partners, already face 25% tariffs on many goods. 

The baseline 10% tariff will take effect on Saturday, the official said. 

Following his remarks, Trump signed an order to remove a "de minimis" tariff exemption on low-cost products. Trump is also planning other tariffs targeting semiconductors, pharmaceuticals, and potentially critical minerals, the official said.

Trump's barrage of penalties has rattled financial markets and businesses that have relied on trading arrangements that have been in place since the middle of last century.

The administration has said the new tariffs will take effect immediately after Trump announces them, though it has not yet published the official notice required for enforcement.

The administration, however, did publish an official notice that a separate set of tariffs on auto imports that Trump announced last week will take effect starting on April 3.

Trump has already imposed 20% duties on all imports from China and 25% duties on steel and aluminum and extended them to nearly $150 billion worth of downstream products.

His advisers say the tariffs will return strategically vital manufacturing capabilities to the United States. 

Outside economists have warned that tariffs could slow the global economy, raise the risk of recession, and increase living costs for the average U.S. family by thousands of dollars. Businesses have complained that Trump's barrage of threats has made it difficult to plan their operations.

Tariff concerns have already slowed manufacturing activity across the globe, while also spurring sales of autos and other imported products as consumers rush to make purchases before prices rise.

Financial markets were volatile as investors awaited Trump's announcement. U.S. stocks have erased nearly $5 trillion of value since February.

Following is the list of new tariff rates Trump displayed

Algeria 30%

Oman 10%

Uruguay 10%

Bahamas 10%

Lesotho 50%

Ukraine 10%

Bahrain 10%

Qatar 10%

Mauritius 40%

Fiji 32%

Iceland 10%

Kenya 10%

Liechtenstein 37%

Guyana 38%

Haiti 10%

Bosnia and Herzegovina 35%

Nigeria 14%

Namibia 21%

Brunei 24%

Bolivia 10%

Panama 10%

Venezuela 15%

North Macedonia 33%

Ethiopia 10%

Chana 10%

Country U.S. reciprocal tariffs

China 34%

European Union 20%

Vietnam 46%

Taiwan 32%

Japan 24%

India 26%

South Korea 25%

Thailand 36%

Switzerland 31%

Indonesia 32%

Malaysia 24%

Cambodia 49%

United Kingdom 10%

South Africa 30%

Brazil 10%

Bangladesh 37%

Singapore 10%

Israel 17%

Philippines 17%

Chile 10%

Australia 10%

Pakistan 29%

Turkey 10%

Sri Lanka 44%

Colombia 10%

Country U.S. reciprocal tariffs

Peru 10%

Nicaragua 18%

Norway 15%

Costa Rica 10%

Jordan 20%

Dominican Republic 10%

United Arab Emirates 10%

New Zealand 10%

Argentina 10%

Ecuador 10%

Guatemala 10%

Honduras 10%

Madagascar 47%

Myanmar (Burma) 44%

Tunisia 28%

Kazakhstan 27%

Serbia 37%

Egypt 10%

Saudi Arabia 10%

El Salvador 10%

Côte d'Ivoire 21%

Laos 48%

Botswana 37%

Trinidad and Tobago 10%

Morocco 10%