Donald Trump officially announces major new tariffs that will go into effect 'immediately'

The US President has officially announced major new tariffs will be inflicted on goods across the world that will go into effect 'immediately' after calling today 'Liberation Day' for the US.

Speaking in the Rose Garden of the White House, Donald Trump has dubbed today (April 2) as 'Liberation Day,' after having long teased that new tariffs will be inflicted upon not only the country's trading partners, but on countries across the world in a bid to free the US from depending on foreign goods.

The POTUS vowed almost immediately since he was sworn into office in January that he would alter the course of the American economy, creating not only a Department of Government Efficiency (DOGE), spearheaded by his 'First Buddy,' Elon Musk, to slash the federal government to cut costs, but signed an executive order with 'catastrophic' tariffs on the US' trading partners.

The POTUS speaking at the Rose Garden (LiveNOW from FOX)

China, Mexico, Canada and the European Union have been at the forefront of the trade war with the country, after Trump decided to hike taxes by 25 percent on many of their goods coming into the US.

Now, however, he has vowed to roll out tariffs on foreign-made automobiles across the world - plus a baseline tariff of at least 10 percent on practically all goods coming into the country.

Trump said: "This is Liberation Day. We've been waiting for a long time, April 2, 2025, will forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed, and the day that we began to 'Make America Wealthy Again.'"

He continued: "For decades our country has been looted, pillaged, raped and plundered from nations, near and far, from both friend and foe alike."

He listed American steelworkers, autoworkers, farmers and skilled craftsmen as workers who have 'suffered gravely' and have been 'ripped off for more than 50 years.'

Trump said the country once had an 'American dream that you don't hear so much about,' before announcing 'reciprocal tariffs on country's throughout the world.'

He defined this to mean as: "They do it so us, and we do it to them. Doesn't get much simpler than that."

On the agenda is hiking a 25 percent tariff on all foreign-made automobiles as of midnight tonight after Trump slammed EU and Asia for its automobile tariffs.

The US currently charges a 2.5 percent tariff on imported motorcycles, while Thailand 'and others' are changing 'much higher prices, like 60 percent,' he continued. "India charges 70 percent and Vietnam charges 75 percent and others are even higher than that."

When it comes to trade, he described the 'friend is worse than the foe.'

"It's our declaration of economic independence," he added.

Trump announced the reciprocal tariffs (WYKC Channel 3)

The 47th President said he also pointed the blame on former presidents and past leaders 'who weren't doing their job.'

He also made a dig at US trade partners that have criticized the US for its tariffs, saying: "We want to send you our cars. We want to send you anything, but we won't take anything you have."

He said the EU doesn't want American poultry and Australia won't purchase American beef and Japan, South Korea and China 'don't want us to sell our rice there.'

As for other goods, he revealed a baseline of 10 percent tariff will be applied on all countries as of Saturday (April 9) at 12.01am ET except those compliant with the USMCA free trade agreement between Mexico, Canada and the United States.

Non-compliant countries will be charged at a 25 percent rate, while UK imports have a 10 percent tariff and EU goods will have a 20 percent tariff.

"They charge us, we charge them. How can anybody be upset?" he said.

He said China and the EU 'rip us off' the most, adding: "It's so pathetic."

Although dubbed reciprocal, he said he didn't go 'full reciprocal' with the measures saying it would have 'been tough for a lot of countries.'

Meanwhile, countries that build their products in the states will pay no tariffs.