President Donald Trump made good on his long-awaited proposed tariffs Wednesday, announcing that he would begin imposing “reciprocal” tariffs of at least 10% but equal to 50% of what he says other countries charge the U.S.
The tariffs – setting up a potential global trade war that has led some economists to raise the odds of a recession within the next 12 months – will vary by country, depending on the amounts that are levied on U.S. exports to those nations.
Referring to his own naming of the occasion as “Liberation Day,” Trump said his tariffs announcement amounted to “our declaration of economic independence.”
This post originally appeared at U.S. News & World Report.