President Donald Trump made good on his campaign promise to implement sweeping new tariffs, doing so with great fanfare during a Wednesday afternoon event in the White House Rose Garden.
Countries around the world will be hit with at least a 10 percent tariff on their imports with some reaching up to a whopping 50 percent.
The tariffs are being levied based on 'barriers to entry.' That means the European Union will be hit with 20 percent tariffs because it charges a 39 percent tariff on America.
The U.K., on the other hand, got off relatively easy. Since it only charges the U.S. a 10 percent tariff, it will pay 10 percent in return.
China will pay a 34 percent tariff, with the White House calculating that the U.S. pays 67 percent when currency manipulation is factored in.
'My fellow Americans, this is liberation day, we've been waiting for a long time,' Trump proclaimed. 'In a few moments, I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world.'
As Trump spoke the stock market tanked - with Dow futures dropping more than 250 points, the S&P 500 falling 100 points and Nasdaq futures dripping more than 400 points.
