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U.S. President Donald Trump on Wednesday announced he is signing an executive order implementing new import tariffs on so-called "Liberation Day" for the U.S. economy.

“Effective at midnight, we will impose a 25 per cent tariff on all foreign-made automobiles,” Trump said, adding that with this latest trade policy, the U.S. would “pry open foreign markets and break down foreign trade barriers."

Holding up a chart in front of a gathered crowd, Trump said China was at top of his list of reciprocal tariffs and will be charged a tariff rate of 34 per cent.

Trump mentioned a list of around 200 countries and trading blocs, including the European Union, Vietnam, India and the United Kingdom, that will be subject to the “reciprocal” tariffs.

The list did not, however, mention Canada and Mexico.

The U.S. is setting a “minimum baseline tariff rate” of 10 per cent, Trump said, which means each country that charges tariffs on American goods will at least get a tariff rate of 10 per cent on its goods going into the U.S.

“This is one of the most important days, in my opinion, in American history. It’s our declaration of economic independence,” Trump said.

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