Trump Unleashes 'Liberation Day' Tariffs

"It's our declaration of economic independence," President Trump said at a "Liberation Day" event at the White House on Wednesday, declaring it to be one of the most important days in American history. The president unveiled a slew of new tariffs that were higher than many analysts had expected, the New York Times reports. "Our country and its taxpayers have been ripped off for more than 50 years but it's not going to happen anymore," Trump said.

• Trump declared a baseline tariff of 10% on imports from all countries and extra "reciprocal tariffs" on imports from dozens of countries, the AP reports. They include a 34% tax on imports from China, 32% on imports from Taiwan, 25% on imports from South Korea, 24% on imports from Japan, and 20% imports from the European Union. He said the rate for imports from the UK would be 10%.
• According to a chart Trump displayed, Cambodia will face the highest reciprocal tariff, at 49%, CBS News reports. The chart showed a 48% rate for Laos and 47% for Madagascar.
• In an executive order, Trump declared a national emergency "arising from conditions reflected in large and persistent annual US goods trade deficits."

• The 10% tariff on all imports, apart from those compliant with the US-Mexico-Canada trade agreement, will take effect at midnight Friday, CNN reports. Officials said the extra tariffs on goods from around 60 countries will take effect next Wednesday.
• Trump accused other countries of unfair trade practices, saying the US "has been looted, pillaged, raped, plundered" in his Rose Garden speech. "In many cases, the friend is worse than the foe in terms of trade," he said, per the Telegraph. "We subsidize a lot of countries and keep them going and keep them in business," he added. "Why are we doing this?"
• Trump claimed the tariffs were "kind," saying his administration was only imposing tariffs at half the rate that should be applied based on other countries' trade practices, the Times reports.
• The chart Trump displayed, however, showed a tariff rate based on "currency manipulation and trade barriers," and it's not clear how it was calculated, the Guardian reports. University of Michigan economist Justin Wolfers said the new tariffs will give the US "the highest tariff rates of any industrialized country. And it's not even close."
• The president also confirmed that a 25% tariff on auto imports would take effect at midnight.

This story has been updated with new details. (More tariffs stories.)