Winner and losers of Trump's tariffs: Which countries & sectors are hit hardest and which are exempt | Full breakdown

President Donald Trump holds a signed executive order during an event to announce new tariffs in the Rose Garden of the White House.

Donald Trump on Wednesday unveiled his sweeping new tariffs, calling it a “declaration of economic independence”. The US President presented the import taxes, which he calls “reciprocal tariffs” and range from 10% to 49%, in the simplest terms: the US would do to its trading partners what he said they had been doing to the US for decades.

“Taxpayers have been ripped off for more than 50 years,” he said. “But it is not going to happen anymore.” The president promised that “Jobs and factories will come roaring back into our country.” He framed it not just as an economic issue, but a question of national security that threatens “our very way of life.”

Soon after Trump's announcement, additional tariffs of 25 percent were imposed on all imported cars and light trucks, with auto parts also set to be affected by May 3.

Below are some key details from Trump’s “Liberation Day” reciprocal tariffs:

1. New Tariffs Implementation

• A 10% baseline tariff takes effect on April 5 at 12:01 AM (0401 GMT).
• Higher tariffs for "worst offenders" start on April 9 at 12:01 AM (0401 GMT).
• Steeper rates for major trading partners: China: 34% (stacked with a previous 20% fentanyl-related tariff, total 54%). India: 26% South Korea: 25% Japan: 24% European Union: 20%

• Certain goods are exempted, including copper, pharmaceuticals, semiconductors, lumber, gold, and energy.
• Canada & Mexico are spared but still face previously imposed tariffs under USMCA.
• Cuba, Belarus, North Korea & Russia are not affected as they already face strict US sanctions.

• New 25% tariffs on imported autos begin April 5.
• Existing 25% steel & aluminum tariffs expand to canned beer & empty aluminum cans from April 6.
• Trump is considering future tariffs on semiconductors, pharmaceuticals, and critical minerals.

• A 25% tariff on imports from countries buying Venezuelan oil takes effect April 2.
• Possible secondary tariffs on Russian oil are under consideration.

• Duty-free exemption for small parcels from China ends on May 2.Items will face a 30% duty or $25 per item, increasing to $50 per item after June 1.
• Move targets retailers like Shein & Temu to curb rising imports under the “loophole.”

Stock markets looked set for major volatility Thursday, with Tokyo's Nikkei leading an Asian selloff, collapsing more than four percent, and Hanoi shares tanked more than five percent after Vietnam was targeted with tariffs of 46 percent.