Donald Trump announced new tariffs, calling them “Liberation Day” tariffs, to boost U.S. economic independence. The tariffs range from 10% to 54%, with China facing the steepest hike—34%, rising to 54% with existing tariffs. The European Union faces 20%, while the UK gets 10%. Vietnam and Cambodia are among those hit with higher rates.

Trump argues the tariffs will “bring jobs and factories back to the U.S.” by making foreign goods more expensive. Critics warn that American consumers will bear the costs, but Trump insists the move will strengthen domestic manufacturing.

The tariff list includes major economies like Japan, India, and Taiwan, as well as surprising additions such as the uninhabited Heard and McDonald Islands.