President Donald Trump on Wednesday announced new tariffs on nearly all foreign goods entering the United States. He called it a “Declaration of Economic Independence” and a long-overdue step toward restoring American manufacturing and protecting U.S. workers.
The move includes a 10% baseline tariff on all imports and higher, targeted tariffs for countries that impose greater trade barriers on American products.
The announcement came after markets closed at 4 p.m. ET, with the new tariffs set to take effect at 12:01 a.m. Saturday. The specific “reciprocal” tariffs will go into force starting April 9.
“This is one of the most important days, in my opinion, in American history,” Trump said during a speech from the White House Rose Garden. “Factories will come roaring back into our country — and you see it happening already. We will supercharge our domestic industrial base.”
The president said the tariffs are designed to level the playing field, especially with nations that have taken advantage of the U.S. for decades.
Countries with high tariff and non-tariff barriers will now face steep duties.
China, which charges U.S. goods 67% in tariffs, will now be hit with a 34% tariff. The European Union will face a 20% tariff, Japan 24%, India 26%, South Korea 25%, and Vietnam 46%. Over two dozen countries will see rates above the 10% base.
The president said that these tariffs will boost domestic production, bring back jobs, and help reduce the national debt. “Now it’s our turn to prosper,” Trump said. “We will use trillions and trillions of dollars to reduce our taxes and pay down our national debt.”
The White House released a fact sheet ahead of the announcement citing a 2024 study claiming Trump’s first-term tariffs helped strengthen the economy and revive manufacturing, particularly in steel production.
Since returning to office, Trump said companies like Oracle, Apple, NVIDIA, and SoftBank have already committed nearly $5 trillion in investments to the U.S.
Wednesday also marked the start of a 25% tariff on all foreign-made automobiles. Automakers such as Honda, Nissan, and Hyundai have pledged to shift production to the United States in response.
Trump emphasized that these tariffs should not come as a surprise. “I’ve been talking about this for 40 years,” he said. “If you look at my old speeches… I’d be talking about how we were being ripped off by these countries.”
Critics, including House Minority Leader Hakeem Jeffries and New York Governor Kathy Hochul, warned that the tariffs could raise prices for American consumers and hurt the economy. Hochul called the move “the largest tax increase in American history.” Trump dismissed those concerns and pointed to low inflation during his first term, when he imposed similar trade measures.
White House officials say the 10% across-the-board rate is intended to prevent countries from dodging the higher tariffs by rerouting products through lower-tariff nations. They cited examples of China allegedly repackaging goods in Vietnam and Cambodia.
Trump also reiterated his call for Congress to pass tax relief for working Americans, including eliminating taxes on tips, overtime, and Social Security benefits, as well as allowing tax write-offs on car loan interest.
“April 2, 2025, will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed, and the day that we began to make America wealthy again,” Trump said.