For instance, Trump said, the U.S. estimated a total trade barrier rate of 67% for China, meaning the U.S. would impose a 34% tariff in response. The U.S. assessed a European Union trade barrier rate of 39%, Trump said, adding that the U.S. reciprocal tariff would register at 20%.

Where does the money collected from tariffs go? How soon will prices rise for consumers? What tariffs are other countries charging on U.S. goods?

Mexico and Canada avoided fresh tariffs on Wednesday with President Donald Trump exempting the United States' top trading partners from his new 10% global tariff baseline, although previous duties remain in place.

Today is, in President Trump’s telling, “Liberation Day.” For decades, many countries have imposed higher trade barriers on the United States than America does on them. In a Rose Garden event, Trump plans to strike back with tariffs that he claims will be “reciprocal” — ones that merely counter the penalties of other nations.

Trump announced he was signing an executive order “instituting reciprocal tariffs on countries throughout the world. Reciprocal—that means they do it to us and we do it to them.” In practice, the White House said that will translate into a new 10 percent tariff on all imported goods,

U.S. President Donald Trump goes through many of the rates at which his administration plans to impose tariffs on countries around the world in response to their tariffs on the U.S. What happens on Trump's 'Liberation Day'?

The new tariffs announced Wednesday by U.S. President Donald Trump were met initially with measured reactions from key trading partners, highlighting the lack of appetite for a full-fledged trade war