After weeks of hype, Trump announced new 10% across-the-board tariffs, giving the nation its biggest tax increase in decades.

Trump declared a 10% baseline tax on imports from all countries and higher tariff rates on nations that run trade surpluses with the US.

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%.

President Donald Trump announced new tariffs at the White House. For context: Trump has blamed the U.S. trade deficit on “unfair” foreign trade barriers, complaints economists call exaggerated. Analysts warn he’s steering the economy toward slow growth and higher prices.

President Donald Trump on Wednesday announced sweeping new trade barriers that included a 10 percent baseline tariff on all imports and significantly higher rates on goods from dozens of countries running trade surpluses with the U.

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