President Donald Trump has announced a significant overhaul of import taxes that will impose a minimum tariff of 10% on all goods entering the United States—a pivotal shift in global trade policy. This plan aligns with Trump’s earlier campaign promises aimed at reevaluating America’s trade relationships.

Countries labeled by the White House as the “worst offenders,” including the European Union and China, are set to experience even steeper tariffs. Trump’s assertion that the U.S. has been “looted” by both allies and adversaries underlines his stance on what he perceives as unjust trade practices. He boldly declared this move as a declaration of “economic independence,” suggesting it will safeguard American jobs and prioritize domestic production.

Starting April 5, officials will begin enforcing the baseline tariff, with heightened rates coming into effect shortly thereafter. Trump cited his belief that other nations unfairly impose high tariffs while erecting trade barriers against American exports. Furthermore, he reiterated that this represents a distinct turning point in U.S. trade policy, marking “one of the most important days” in American history.

The newly established regulations will affect over 100 countries, with around 60 encountering higher “reciprocal” tariffs. Additionally, a new 25% tax on foreign-made cars is set to commence, and tax-free status for small packages will be revoked. This drastic shift in tariffs could usher in an era of increased prices across a range of consumer goods, including clothing and electronics, leading to considerable implications for the U.S. economy.

Experts warn that this could lead to a slowdown in economic growth, transforming the international trading landscape the U.S. helped establish after World War II.