WATCH: Trump's tariffs include 10% baseline on imports, 25% on foreign cars
Trump's full speech announcing new slate of tariffs
The president outlined a massive escalation of his trade way with a baseline 10% tariff on all countries with some higher rates for partners he blames for engaging in unfair practices.
WASHINGTON - President Donald Trump announced a litany of reciprocal tariffs during an event from the Rose Garden on what he has dubbed "Liberation Day" – including a minimum baseline of 10% tariffs on imported goods.
Trump spoke for a little less than an hour on Wednesday where he announced his plant that he says will free the United States from a reliance on foreign goods.
10% baseline tariff
Trump said he’ll impose "reciprocal" tariffs on duties that other countries charge on U.S. products but won't match the rates other countries have implemented.
"In other words, they charge us, we charge them. We charge them less. So how can anybody be upset?" Trump said on Wednesday.
The president announced a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the U.S.
He also warned about countries trying to skirt his tariffs.
"That'll be on other countries to help rebuild our economy and to prevent cheating. So we're going to have a minimum of cheating, and we're going to be very severe," he said.
25% foreign auto tariff
Trump also announced a 25% tariff will be placed on all foreign-made automobiles imported into the U.S. becoming effective at midnight, April 3.
Currently, the U.S. is charging a 2.5% tariff on autos and 2.4% on motorcycles from other countries, Trump said.
"The non-monetary restrictions imposed by South Korea, Japan and very many other nations as a result of these colossal trade barriers," Trump said. "Eighty-one percent of the cars in South Korea are made in South Korea. 94% of the cars in Japan are made in Japan. Toyota sells 1 million foreign-made automobiles into the United States, and General Motors sells almost none. Ford sells very little."
The president said Thailand charges 60% on U.S. autos, India 70%, Vietnam charges 75%, and others are "even higher than that."
Trump said he doesn't blame other countries for making money on the tariff deals but instead former presidents he said did not do their job.
European imports
Trump announced on Wednesday that he would be imposing a 20% tariff on imports from the European Union.
Korean, Japanese and Taiwanese imports
A 32% tariff will also be imposed on Japan and Taiwan and a 24% tariff will be imposed on South Korean imports.
Oil and gas
Trump has said he will place a 25% tariff on all imports from any country that buys oil or gas from Venezuela. This will include the U.S. itself.
This will be in addition to imposing tariffs on Venezuela.
Cars
Beginning a day after "Liberation Day," Trump said there would be a 25% tariff on auto imports.
Taxes on fully-imported cars will begin at midnight.
The tariff will expand to applicable auto parts in the following weeks through May 3.
Here are the tariffs that have already gone into effect:
Chinese goods
Trump has already imposed a 34% tariff on Chinese imports.
Retaliatory tariffs
China has hit back with tariffs covering a range of U.S. goods in response to Trump.
This includes:
- 15% on coal and liquefied natural as products
- 10% on crude oil
- 15% on farm exports
Will Trump announce more tariffs in the future?
Trump has threatened to impose tariffs on the following:
- Copper
- Lumber
- Pharmaceutical drugs
- Computer chips
What will tariffs do to the economy?
Why you should care:
The White House says it expects to raise $100 billion in revenue annually from these new duties and Trump sees his tariffs as providing national redemption.
But the slumping consumer confidence and stock market indicate that much of the public believes the U.S. economy will pay the price for his ambitions.
Economists say the tariffs would get passed along to consumers in the form of higher prices for autos, groceries, housing and other goods. Corporate profits could be lower and growth more sluggish. Trump maintains that more companies would open factories to avoid the taxes, though that process could take three years or more.
RELATED: Inflation remained elevated in February, data shows
Economist Art Laffer estimates the tariffs on autos, if fully implemented, could increase per vehicle costs by $4,711, though he said he views Trump as a smart and savvy negotiator. The investment bank Goldman Sachs estimates the economy will grow this quarter at an annual rate of just 0.6%, down from a rate of 2.4% at the end of last year.
Mayor Andrew Ginther of Columbus, Ohio, said on Friday that tariffs could increase the median cost of a home by $21,000, making affordability more of an obstacle because building materials would cost more.
The Source: Information for this article was gathered from The Associated Press and previous reporting from LiveNOW from FOX.