Key details on Trump's market-shaking tariffs

After weeks of anticipation, US President Donald Trump unveiled sweeping new tariffs on trading partners Wednesday, calling it a "declaration of economic independence."

A fresh "baseline tariff" of 10 per cent will apply to economies around the world, with steeper rates tailored to those that Washington deemed as bad actors. But there are some exemptions.

What are the details of Trump's latest announcement?

A 10 per cent "baseline tariff" kicks in at 12:01 am (0401 GMT) on 5 April, while elevated rates for those the White House deemed "the worst offenders" take effect at 12:01 am (0401 GMT) on 9 April.

The steeper additional tariffs impact major US trading partners, with the European Union facing a 20 per cent rate and China a 34 per cent figure.

For China, the number stacks on an added 20 per cent levy Trump imposed earlier this year over its alleged role in the illicit fentanyl supply chain, taking the new additional figure to 54 per cent.

Other key partners include India with a 26 per cent added rate, South Korea at 25 per cent and Japan at 24 per cent.

Trump said: "For nations that treat us badly, we will calculate the combined rate of all their tariffs, non-monetary barriers and other forms of cheating."

The numbers, he said, are "approximately half of what they are and have been charging us."

Some goods like copper, pharmaceuticals, semiconductors, lumber, gold, energy and "certain minerals" will not be subject to reciprocal tariffs unveiled Wednesday, according to a White House fact sheet.

Major US partners Canada and Mexico are not hit by the new tariffs either, US officials added.

Trump earlier imposed 25 per cent tariffs on imports from both countries, with a lower rate on Canadian energy, and they will continue to face these duties.

Goods entering the world's biggest economy under the US-Mexico-Canada Agreement will still be exempted.

Should Canada and Mexico reach deals on the levies, however, they will come up against a new regime.

The White House also said that the latest country-based tariffs do not stack atop of sector-specific ones, like those already applied to imports of steel and aluminum.

Cuba, Belarus, North Korea, and Russia are not subject to Trump's new "reciprocal tariffs" as they are already facing sanctions which "preclude any meaningful trade," the White House said.

On Thursday, new 25 per cent tariffs on imported autos will also kick in, bringing fresh challenges to the industry.

Trump earlier imposed 25 per cent charges on steel and aluminum imports too, which will be expanded to impact canned beer and empty aluminum cans from Friday.

He has ordered probes into imports of copper and lumber as well, which could lead to further duties.

White House officials said Wednesday that Trump is mulling similar moves on semiconductors, pharmaceuticals and possibly critical minerals in the future.

Separately, a 25 per cent levy on goods from countries importing Venezuelan oil can take place from 2 April. Trump has threatened a similar "secondary tariff" on Russian oil.

On Wednesday, Trump separately ordered an end to a duty-free exemption for small parcels from China, a move likely to severely disrupt the import of popular low-cost products.

The rule has faced heavy scrutiny as US officials pointed to the growth of Chinese-founded online retailers Shein and Temu as a factor behind a surge of shipments using the exemption.

Products imported under the "loophole" from China would be subject to a duty rate of either 30 per cent of their value or $25 per item, increasing to $50 per item after 1 June. The policy shift kicks in 2 May, according to Trump's executive order.