President Donald Trump has unveiled a series of universal tariffs targeting numerous countries, reflecting his administration's stance on global trade.

Effective April 5, 2023, a base tariff of 10% will apply to imports from over 100 nations, with the European Union facing an additional tariff, bringing the total to 20%.

China, the hardest hit, will encounter a 54% tariff due to the existing 20% tariff being increased by an additional 34%.

During a speech held in the Rose Garden at the White House, Trump criticized both allies and adversaries alike, suggesting that all countries have exploited American goodwill.

He characterized the current global trade dynamics as harmful to the US industry and workforce, indicating a profound need for the country to achieve economic independence.

The tariff announcements are positioned as a move towards strengthening US manufacturing and creating jobs.

The President highlighted the plight of American workers, citing the struggles of Detroit auto industry employees as emblematic of broader economic challenges.

In his address, Trump pointedly stated that the tariffs are not about distinguishing between friends and foes but rather addressing the collective damage done to the American economy.

European Union officials have begun preparations for a counter-response to the imposed tariffs, with potential retaliatory measures estimated at €26 billion.

Trump targeted the EU in particular, alleging that they impose high tariffs on American goods, claiming that the EU's tariffs often reach up to 39% on certain products.

The structured increase of the tariff on EU goods will proceed in two stages — an initial 10% from April 5, followed by a rise to 20% on April 9.

Trump also designated the day of his tariff announcement as the 'Liberation Day,' presenting his vision for revitalizing American manufacturing.

He referenced a former Detroit auto worker who appeared alongside him, showcasing the administration's focus on labor and domestic production.

Criticism was aimed particularly at regulatory measures within the EU that restrict the importation of certain American food products.

Trump attributed the competitive advantages of China to numerous economic strategies he alleges are unfair, such as currency manipulation and subsidies for local industries.

He expressed admiration for Chinese President Xi Jinping while asserting that the US-Sino trade imbalance poses risks to national security, particularly in technology sectors.

The tariffs will be levied not only on China and the EU but also extend to allies such as Israel, with tariffs set at 17%; the UK at 10%; Japan at 24%; South Korea at 25%; India at 26%; and Taiwan at 32%.

Notably, Canada and Mexico were not included in this latest tariff imposition, despite previous threats from Trump to impose significant tariffs on their imports.

Democratic leaders in Congress have condemned the tariffs, pledging to combat what they describe as a chaotic trade war.

Senator Chuck Schumer branded the new tariffs as an indirect tax on American consumers.

Analysts have raised concerns over the economic implications of such aggressive tariff policies, which may lead to inflationary pressures within the US economy.

The automotive sector will be particularly affected, with a 25% tax scheduled on all imports, despite the fact that US production often relies on foreign-sourced components.

Historically, tariffs have contributed less than 3% to federal revenue, according to data from the Federal Reserve Bank of St. Louis.

Despite conflicting assertions of stimulating the US economy and lowering consumer prices, the anticipated economic fallout remains a point of contention among economists who warn of rising inflation and potential fiscal challenges.

The tariffs represent the highest level of trade barriers the US has seen since World War II, raising concerns about the long-term economic outlook for the nation.