WASHINGTON (Diya TV) — President Donald Trump on Wednesday signed a series of aggressive tariffs on some of America’s most important U.S. trading partners, seeking to meet what he calls chronic unfair trade practices. The new levies are 34% on Chinese imports, 20% on the European Union imports, 46% on Vietnamese goods, 32% on Taiwanese goods, 26% on Indian imports, and 24% on Japanese goods. These tariffs will supersede the previous 10% universal tariff and will start being implemented on April 5 at 12:01 a.m. ​

In a Rose Garden appearance, President Trump described the action as a “declaration of economic independence,” stating that the U.S. has been taken advantage of by world trade practices for decades. He highlighted that these “discounted reciprocal” tariffs are to be more moderate than the increased foreign taxes U.S. products face.

The move has drawn sharp responses from the global community. Canada is making preparations for retaliatory measures, while China, Japan, and South Korea are said to be coordinating a collective response. The European Union has signaled intentions to “calibrate our response” to the U.S. tariffs.

The economists warn that such tariffs may have a disproportionate impact on lower-income American families. According to the Yale Budget Lab study, a 20% across-the-board tariff, accompanied by possible retaliatory actions by other nations, could lower disposable income for the lowest-paid families by as much as 5.5%. Meanwhile, upper-income families may see a reduction of 1.9%.

Financial markets responded with volatility. Hedge funds are said to be cutting back on their exposure in markets in Asia, specifically South Korea, China, and Taiwan, in preparation for the effects of the tariffs on export-based economies.

In the country, the tariffs have caused political controversy. House Minority Leader Hakeem Jeffries called the announcement “Recession Day,” indicating fears of economic crashes. With the implementation deadline near, both foreign and domestic players are watching carefully, anticipating the broad impacts of the tariffs on world trade flows and the U.S. economy.