U.S. President Donald Trump announced sweeping new tariffs on all countries worldwide on Wednesday, in what he called America’s “Declaration of Economic Independence.”

The plan includes a minimum 10% tariff on all imports, with higher rates applied to key trade partners:

• 34% on imports from China

• 20% on imports from the European Union

• 24% on Japan

• 10% on the UK and Australia

• Up to 49% on certain products from Vietnam and Cambodia

A 25% tariff on all imported vehicles was also introduced.

Trump stated the move aims to shrink the trade deficit, which exceeded $1.2 trillion, and to boost domestic manufacturing and job creation. “We will no longer be economically exploited,” he declared.

The announcement triggered international concern, with several countries warning of possible retaliatory measures, signaling rising global trade tensions.