Trump Announces 10 Universal Tariff, With Higher Rates On Select Imports

US President Donald Trump announced on Wednesday that he will implement a 10 initial tariff on all imports to the United States and higher tariffs on some of the nation's largest trading partners, escalating the trade conflict he initiated upon returning to the White House.

These extensive tariffs would establish new restrictions around the world's largest consumer market, reversing years of trade liberalisation that have influenced the global system.

Trading partners are likely to react with their counteractions, potentially leading to significantly increased prices for a range of products.

Its our declaration of independence, Trump said at an event in the White House Rose Garden .

Trump showcased a poster listing reciprocal tariffs, including 34 on China and 20 on the European Union, in retaliation for duties imposed on U.S. goods. Other specifics were not immediately available as Trump continued to voice his longstanding grievances that U.S. workers and companies are negatively impacted by international trade.