Summary
- US President Donald Trump announces a universal “baseline” 10% tariff on imports into the US, on what he has dubbed “Liberation Day”
- Trump also unveils a 10% tariff on UK goods and 20% on EU goods in a watershed moment for global trade
- Trump says he will start a “golden age” for America and says it’s time for the US to “prosper”
- The president hits out at major trade partners Canada and Mexico, saying their trade practices are “not fair”
- Trump also announces the 25% tariff on all foreign-made vehicles will begin from midnight local time
- Tariffs are a tax on goods imported from abroad
- Trump says tariffs will address “unfair” trade with other countries – a view shared by some US industries – but analysts warn tariffs could push up global price
