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

The US President has formally revealed substantial new duties will be imposed on products worldwide, effective 'right away' after naming today 'Freedom Day' for the US.

Speaking from the White House Rose Garden, Donald Trump has labeled today (April 2) as 'Freedom Day,' having previously hinted that new duties would be forced upon not just the nation's trade allies, but countries globally to liberate the US from reliance on foreign products. The President promised nearly instantly after taking office in January that he would shift the American economy's direction, establishing a Department of Government Efficiency (DOGE), led by his 'First Buddy,' Elon Musk, to reduce federal government costs, and signed an executive order with 'disastrous' duties on US trade partners.

China, Mexico, Canada and the European Union have been central to the trade conflict with the nation, after Trump decided to increase taxes by 25 percent on many of their products entering the US. Now, he has promised to extend duties on foreign-made vehicles worldwide - plus a base duty of at least 10 percent on virtually all goods entering the country.

Trump set to roll out sweeping new 'Liberation Day' tariffs ... (Source: www.cnn.com)

Trump stated: "This is Freedom 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 added: "For decades our country has been stolen from, ransacked, violated and depleted by nations, near and far, from both friend and foe alike."

He identified American steelworkers, autoworkers, farmers and skilled craftsmen as workers who have 'endured greatly' and have been 'cheated for more than 50 years.'

Trump said the nation once had an 'American dream that you don't hear so much about,' before declaring 'reciprocal duties on countries throughout the world.'

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

The plan includes raising a 25 percent duty on all foreign-made vehicles starting midnight tonight after Trump criticized EU and Asia for its vehicle duties. The US currently applies a 2.5 percent duty on imported motorcycles, while Thailand 'and others' are applying 'much higher prices, like 60 percent,' he continued.

"India applies 70 percent and Vietnam applies 75 percent and others are even higher than that."

Regarding trade, he described the 'friend is worse than the foe.'

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

The 47th President put blame on previous presidents and past officials "who weren't doing their job." He also criticized US trade associates who have questioned the US about its duties, stating: "We want to send you our cars. We want to send you anything, but we won't take anything you have."

He mentioned the EU refuses American poultry and Australia won't buy American beef and Japan, South Korea and China "don't want us to sell our rice there."

For additional goods, he disclosed a basic 10 percent duty will apply to all nations starting Saturday (April 9) at 12.01am ET except those following the USMCA free trade agreement between Mexico, Canada and the United States.

Non-compliant nations will face a 25 percent rate, while UK imports will have a 10 percent duty and EU products will receive a 20 percent duty.

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

He claimed China and the EU "cheat us" the most, adding: "It's so pathetic."

Though called reciprocal, he admitted he didn't implement "full reciprocal" measures saying it would have "been tough for a lot of countries."

Meanwhile, nations that manufacture their products in the states will pay no duties.