Trump announces 10% tariff on all imports, with higher rates for some trading partners

US President Donald Trump on Wednesday (Apr 2) 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 1 per cent 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 34 per cent on goods from superpower rival China, 20 per cent on key ally the European Union, 24 per cent on Japan and 26 per cent on India.

The 34 per cent tariff on Chinese imports is on top of the 20 per cent Trump previously imposed, bringing the total new levy to 54 per cent.

Vietnam was hit with 46 per cent. Thailand, Indonesia, Malaysia, Cambodia and Myanmar were given reciprocal tariffs ranging between 24 per cent and 49 per cent.

Brunei, meanwhile, was hit with 24 per cent.

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 per cent, including Singpoare and Britain. Read More: Here