US President Donald Trump on Wednesday unveiled a raft of punishing tariffs targeting countries around the world including some of its closest trading partners, in a move that risks sparking a ruinous trade war.

Speaking in the White House Rose Garden against a backdrop of US flags, Trump slapped the most stinging tariffs on China and the European Union on what he called "Liberation Day."

The dollar fell one percent against the euro and slipped against other major currencies as Trump was speaking.

"For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike," Trump said.

Trump reserved some of the heaviest blows for what he called the "nations that treat us badly", including 20 percent on key ally the European Union and 24 percent on Japan. He also slapped 34 percent on goods from China, on top of the existing tariff of 20 percent.

But the 78-year-old Republican – who held up a chart with a list of levies – said that he was "very kind" and so was only imposing half the amount that those countries taxed US exports.

For the rest, Trump said he would impose a "baseline" tariff of 10 percent, including Britain.

An audience of cabinet members, as well as workers in hard hats from industries including steel, oil and gas, whooped and cheered as Trump said the tariffs would "make America wealthy again."

"This is Liberation Day," Trump said, adding that it would "forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed."

The White House told reporters that a "baseline" 10 percent tariff would start on 12:01am EST on April 5, while higher rates on various partners would begin from 12:01am EST on April 9.

RTHK's Washington correspondent Simon Marks said many nations would now be looking to strike deals with Trump's administration to reduce the tariffs' impact.

"[Trump's] definitely left the door open for all sorts of nations to try an negotiate with him to come and beseech him to step back," he said.

"There's no question that Donald Trump is now presiding over the most protectionist US government that the world has seen since the 1930s," Marks added. (Additional reporting by AFP)
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Last updated: 2025-04-03 HKT 08:10