On Wednesday, U.S. President Donald Trump announced the introduction of new large-scale tariffs against world powers, claiming that they will allow the United States to achieve fairness in trade – these tariffs will take effect in the coming days.

In a phone call before Trump's speech on April 2, a senior White House official told reporters that the president would introduce "base tariffs" for all countries. This rate is set at 10% and will come into effect on April 5.

Some countries will only face the base rate. These include, in particular, the United Kingdom, Singapore, Brazil, Australia, New Zealand, Turkey, and Ukraine.

Special and much larger tariffs will be introduced against approximately 60 "worst offenders" of the United States and will take effect on April 9.

The main trading partners to which these special tariff rates will apply are the European Union, China, Japan, Taiwan, and others.

In addition, the president announced that the U.S. will impose "25% tariffs on all foreign-made cars." These tariffs will take effect almost immediately, at midnight on April 3.