President Donald Trump unveiled his most expansive tariffs to date, saying he will impose a 10% tariff on all trading partners except Canada and Mexico, as well as double-digit tariffs on dozens of other countries.

Donald Trump announced a sweeping new set of reciprocal tariffs on Wednesday, arguing that they would allow the United States to succeed."This is one of the most important days in my opinion in American history,

Trump said the U.S. would calculate a tariff rate for countries based on the levies they impose and “other forms of cheating.” These tariff rates are quite high. China will face a staggering 34 percent tariff, while the E.U. will get 20 percent. Japan will be 24 percent and India 26 percent.

Trading partners are expected to respond with countermeasures of their own that could lead to dramatically higher prices for everything from bicycles to wine.

President Donald Trump and his advisers landed on tariffs of at least 10% on imports, with nearly 60 countries and the EU facing even higher taxes.

President Trump on Wednesday announced a baseline 10 percent tariff on imports from all foreign countries, as well as higher tariff rates for dozens of nations that the White House deemed the

Trump presented the import taxes, which he calls “reciprocal tariffs” and range from 10% to 49%, in the simplest terms: the U.S. would do to its trading partners what he said they had been doing to the U.S. for decades.

At its heart this is a universal tariff of 10% on all imports into the US for everyone, coming in on Friday night. On top of that, dozens of “worst offenders” will be charged reciprocally for their trade surpluses, tariffs and host of other barriers from VAT to food standards.

The iPhone maker spent years trying to move production of some products out of China to avoid tariffs. But now that may not matter.

President Donald Trump is unveiling his sweeping tariff plan on Wednesday, a date he has dubbed “Liberation Day” in his goal to redraw economic agreements with US trading partners. Follow for updates here.

Australian Prime Minister Anthony Albanese said on Thursday the decision by U.S. President Donald Trump to impose a 10% tariff on its ally was "not the act of a friend," but ruled out reciprocal tariffs against the United States.