'It's our turn to prosper': Trump announces 10% baseline tariffs on imports from all countries

WASHINGTON - President Donald Trump rolled out a set of tariffs that he said would free the United States from a reliance on foreign goods. 

10% baseline tax on imports

What we know:

Trump said he plans to impose "reciprocal" tariffs on duties that other countries charge on U.S. products but won't match the rates other countries have implemented.

"In other words, they charge us, we charge them. We charge them less. So how can anybody be upset?" Trump said on Wednesday. 

The president announced a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the U.S., but this won't change the existing tariffs, the White House said. 

Here are the tariffs Trump is expected to announce on Wednesday:

European imports

Trump announced on Wednesday that he would be imposing a 20% tariff on imports from the European Union. 

Korean, Japanese and Taiwanese imports

A 32% tariff will also be imposed on Japan and Taiwan and a 24% tariff will be imposed on South Korean imports. 

Oil and gas

Trump has said he will place a 25% tariff on all imports from any country that buys oil or gas from Venezuela. This will include the U.S. itself. 

This will be in addition to imposing tariffs on Venezuela. 

Cars

Beginning a day after "Liberation Day," Trump said there would be a 25% tariff on auto imports. 

Taxes on fully-imported cars will begin at midnight. 

The tariff will expand to applicable auto parts in the following weeks through May 3. 

Here are the tariffs that have already gone into effect:

Chinese goods

Trump has already imposed a 34% tariff on Chinese imports. 

Retaliatory tariffs

China has hit back with tariffs covering a range of U.S. goods in response to Trump. 

This includes: 

• 15% on coal and liquefied natural as products
• 10% on crude oil
• 15% on farm exports

Canada and Mexico

Trump imposed a 10% duty on potash and Canadian energy products. 

Earlier this month, the president implemented a partial month-long delay of his 25% tariffs on both Mexico and Canada, delaying taxes on auto-related imports and goods until early April. 

Retaliatory tariffs from Canada

Canada has levied tariffs amounting to billions of dollars on U.S. goods, including, but not limited to: 

• Computers
• Sports equipment
• Water heaters

These tariffs are in addition to the 25% counter tariffs on $30 billion of Canadian imports from the U.S. that were imposed earlier this month.

Retaliatory tariffs from Mexico

Mexico has yet to impose new levies on U.S. goods, expressing hope to de-escalate the trade war. 

Aluminum and steel

Trump expanded steel and aluminum tariffs last month. 

Both metals are now taxed at 25% across the board. 

Retaliatory tariffs from the European Union

In response to these tariffs, the EU announced levies on U.S. goods worth about $28 billion (26 billion euros) which will go into effect in mid-April. 

The EU’s tariffs target: 

• Steel
• Aluminum
• Beef
• Poultry
• Bourbon
• Motorcycles
• Peanut butter
• Jeans

Will Trump announce more tariffs in the future? 

Trump has threatened to impose tariffs on the following: 

• Copper
• Lumber
• Pharmaceutical drugs
• Computer chips

What will tariffs do to the economy?

Why you should care:

The White House says it expects to raise $100 billion in revenue annually from these new duties and Trump sees his tariffs as providing national redemption.

But the slumping consumer confidence and stock market indicate that much of the public believes the U.S. economy will pay the price for his ambitions.

Economists say the tariffs would get passed along to consumers in the form of higher prices for autos, groceries, housing and other goods. Corporate profits could be lower and growth more sluggish. Trump maintains that more companies would open factories to avoid the taxes, though that process could take three years or more.

RELATED: Inflation remained elevated in February, data shows

Economist Art Laffer estimates the tariffs on autos, if fully implemented, could increase per vehicle costs by $4,711, though he said he views Trump as a smart and savvy negotiator. The investment bank Goldman Sachs estimates the economy will grow this quarter at an annual rate of just 0.6%, down from a rate of 2.4% at the end of last year.

Mayor Andrew Ginther of Columbus, Ohio, said on Friday that tariffs could increase the median cost of a home by $21,000, making affordability more of an obstacle because building materials would cost more.

TariffsConsumerU.S.EconomyNews