President Donald Trump announced sweeping tariffs on most nations Wednesday, which his administration says will free the United States from relying on other countries for trade. The president has framed these tariffs as “reciprocal” to match trade barriers that other countries impose on products from the U.

The tariffs are part of a new plan announced by President Donald Trump yesterday on what he dubbed "Liberation Day."

Donald Trump issued sweeping tariffs on 'Liberation Day.' Two remote Australian islands were hit with a 10% tariff, despite lacking people or trade.

US President Donald Trump has imposed a 10% tariff on goods from most countries being imported into the US, with even higher rates for what he calls the "worst offenders". But how exactly were these tariffs - essentially taxes on imports - worked out?

Tariffs are taxes charged on goods imported from other countries. Companies bringing the goods into the country pay the amount, typically a percentage of the goods' value, to the government. Trump has announced a 10% "baseline" tariff on all imports to the US – this is what the UK will face.

Countries will struggle to figure out how Trump’s officials calculated each specific rate, which he said was based on a mix of tariffs, subsidies and currency manipulation. A few, such as Brazil and the UK,

President Donald Trump's punishing tariffs rocked global financial markets on Thursday, with the dollar and U.S. stocks tumbling as investors rushed to safe havens on fears a broadening trade war would push an already fragile world economy into recession.

US President Donald Trump has announced a universal "baseline" 10% tariff on all imports into the US, on what he has dubbed "Liberation Day". Trump also unveiled a 10% tariff on UK goods and 20% on EU goods in a watershed moment for global trade.

Australian Prime Minister Anthony Albanese said on Thursday the decision by U.S. President Donald Trump to impose a 10% tariff on its ally was "not the act of a friend," but ruled out reciprocal tariffs against the United States.