President Trump will impose a 10 percent tariff on all imported goods as well as higher import taxes for goods sent from any country that the White House deems to have trade practices that are unfair. The announcement on Wednesday was billed as Mr. Trump’s “liberation day” for American manufacturers, even as experts warn of stock market contractions, higher costs, and lower consumer confidence. 

“This is liberation day,” the president said during the Rose Garden event on Wednesday. “April 2nd, 2025 will forever be remembered as the day American industry was reborn.”

The tariffs for individual countries introduced Wednesday — which will take effect at midnight — each float somewhere around the halfway point of what each respective nation charges for American imports. For example, Mr. Trump will be imposing a 34 percent tariff on goods from Communist China, which the White House says has a 67 percent tariff on American imports, based on their calculation of the country’s trade barriers. 

“Starting tomorrow, the United States will implement reciprocal tariffs on other nations,” Mr. Trump said. “For nations that treat us badly, we will calculate the combined rate of all their tariffs, non-monetary barriers, and other forms of cheating, and because we are being very kind … we will charge them approximately half of what they are and have been charging us.”

Other countries affected include Japan, which Mr. Trump hit with a 24 percent tariff, South Korea, which faces a 25 percent import tax, and India, which now faces a 26 percent tariff. The European Union as a whole will face a new 20 percent tariff for their imports, as well, according to a chart Mr. Trump displayed at the event on Wednesday. In total, dozens of countries across six continents will be impacted by Mr. Trump’s new trade barriers. 

The president said that his new trade plan is a response to America’s diminished manufacturing capacity that has been declining for decades. During his speech, he listed a number of actions foreign nations had taken that now demand retribution. 

“For decades, the United States slashed our trade barriers on other countries while those nations placed massive tariffs on our products and created outrageous non-monetary barriers to decimate our industries,” Mr. Trump declared. “They manipulated their currencies, subsidized their exports, stole our intellectual property, imposed exorbitant [value-added] taxes to disadvantage our products, adopted unfair rules and technical standards, and created filthy pollution havens.”

“In many cases, the friend is worse than the foe in terms of trade,” Mr. Trump said. 

The president’s two White House victories were powered, for the most part, by blue collar workers in the Midwest who had seen manufacturing jobs move from their communities to cheaper labor sources abroad. On Wednesday, Mr. Trump invited a retired Michigan auto industry employee, Brian Pannebecker, to speak at the Rose Garden event. 

Mr. Pannebecker, who has been a conservative activist for nearly two decades while working the assembly line, said he hopes to see new manufacturing capacity return to his native Michigan within the next year. 

“My entire life, I have watched plant after plant after plant in Detroit and in the metro Detroit area close. There are now plants sitting idle, there are plants sitting underutilized, and Donald Trump’s policies are gonna bring product back into those underutilized plants. There’s gonna be new investment,” Mr. Paennbecker said. 

“Mr. President, we can’t thank you enough, and in six months or a year we’re gonna begin to see the benefits,” he added. 

According to a CBS News and YouGov poll that was conducted at the end of March, Americans are deeply concerned about rising prices despite the president’s assertion that he would make life more affordable if he returned to the White House. 

Despite getting high marks for his economic stewardship during his first term, a majority of Americans — 52 percent — now disapprove of how Mr. Trump is handling the economy. The same poll found that 64 percent Americans believe Mr. Trump is not focusing enough on bringing down prices, while 55 percent say he is too focused on his new tariff scheme.