
(WASHINGTON) -- President Donald Trump unveiled sweeping new tariffs on Wednesday, which the White House dubbed "Liberation Day."
"This is one of the most important days in my opinion in American history," Trump said during a press conference at the Rose Garden, outside the White House. "It's our declaration of economic independence."
The fresh round of tariffs marked a significant escalation from previous levies slapped on some foreign goods in recent weeks.
The new tariffs feature two key policies: A uniform 10% tariff for all imports and "reciprocal" tariffs imposed on many nations that place duties on U.S. imports.
The universal 10% tariff amounts to a wide-ranging trade barrier that will touch every product that enters the U.S.
Trump said the measure would ensure foreign firms pay a price for benefits derived from the purchasing power of U.S. consumers.
"Foreign nations will finally pay for the privilege of access to our market," Trump said.
In addition to the universal tariff, Trump said, the U.S. will impose tariffs on many countries that levy U.S. goods. Trump described such duties as "reciprocal tariffs," though he noted that the U.S. would impose tariffs at half of the level of the trade barriers slapped on U.S. products.
"We will charge them approximately half of what they are and have been charging us," Trump said. "We're kind people." He added later in his remarks, "This is not full reciprocal. This is kind reciprocal."
The move departs from statements made by Trump in recent days vowing to impose reciprocal tariffs that match the trade barriers of other countries.
The reciprocal tariffs will target roughly 60 countries identified by the Trump administration as the "worst offenders," White House officials said, noting that Canada and Mexico would be excluded from the reciprocal tariffs.
The White House calculated the cumulative cost of trade barriers imposed by each of the target nations, including tariffs as well as non-monetary measures. In each case, the U.S. will impose a reciprocal tariff rate at 50% of the level attributed to a given country.
For instance, Trump said, the U.S. estimated a total trade barrier rate of 67% for China, meaning the U.S. would impose a 34% tariff in response. The U.S. assessed a European Union trade barrier rate of 39%, Trump said, adding that the U.S. reciprocal tariff would register at 20%.
The universal 10% tariff is set to take effect on the morning of April 5, and the reciprocal tariffs will hit products on the morning of April 9, White House officials said.
Economists widely expect tariffs to raise prices for U.S. consumers, since importers typically pass along a share of the tax burden in the form of higher costs.
"For decades, the U.S. slashed our trade barriers on other countries while those nations placed massive tariffs on our products," Trump said.
"This all happened with no response from the United States of America -- none whatsoever," Trump added. "But those days are over."
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