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President Donald Trump announced wide-ranging reciprocal tariffs against U.S. trading partners Wednesday, dubbing it "Liberation Day."Trump said he is imposing a 10% baseline tax on imports from all countries and even higher tariff rates on dozens of nations that run trade surpluses with the United States.Trump held up a chart while speaking at the White House, showing the United States would charge a 34% tax on imports from China, a 20% tax on imports from the European Union, 25% on South Korea, 24% on Japan and 32% on Taiwan.Trump's decision threatens to upend much of the architecture of the global economy and trigger broader trade wars. He is declaring a national economic emergency to launch the tariffs, which are expected to produce hundreds of billions in annual revenues. “Taxpayers have been ripped off for more than 50 years," Trump said in remarks at the White House. "But it is not going to happen anymore.”The president has promised that factory jobs will return back to the United States as a result of the taxes, but his policies risk a sudden economic slowdown as consumers and businesses could face sharp price hikes on autos, clothes and other goods. "President Trump's economic vision is rooted in common sense," Press Secretary Karoline Leavitt said from the White House on Tuesday. "April 2, 2025, will go down as one of the most important days in modern American history."The administration says the taxes will increase domestic production and jobs in return. White House Trade Advisor Peter Navarro also argues the tariffs will raise $600 billion a year, which may be offset as Republicans consider additional tax cuts. But, experts warn the tariffs will hurt consumers' wallets, at least in the near future, potentially costing the average household up to an extra $4,200 a year."Consumers are about to get punched in the face by the president, and there's really nothing that they can do to prepare for that," Senior Economist Adam Hersh of the Economic Policy Institute said. "This could lead to recession in 2025, unless we change course, there's no question about it." The tariffs follow similar recent announcements of 25% taxes on auto imports; levies against China, Canada and Mexico; and expanded trade penalties on steel and aluminum. Trump has also imposed tariffs on countries that import oil from Venezuela and he plans separate import taxes on pharmaceutical drugs, lumber, copper and computer chips.Longtime U.S. trade partners have already promised pushback. "We wanted to make sure that we were sending a clear message that we are retaliating," Canadian Foreign Minister Melanie Joly said. "Our goal is to make sure that we end this trade war and that we get to a common understanding that this is hurting our Canadians and Americans."Across the pond, it was a similar sentiment."We do not necessarily want to retaliate, but if it is necessary, we have a strong plan to retaliate, and we will use it," European Commission president Ursula Von Der Leyen said.Trump's announcement, which took place in the White House Rose Garden, came just after the stock market closed. The S&P 500 rose 0.7%, but only after careening between an earlier loss of 1.1% and a later gain of 1.1%. It’s had a pattern this week of opening with sharp drops only to finish the day higher.The Dow Jones Industrial Average added 235 points, or 0.6%, and the Nasdaq composite climbed 0.9%. Both also veered from sharply lower in the morning to sharply higher in the afternoon before doubling back.The Associated Press contributed to this report.