President Donald Trump said countries, whether staunch allies or adversaries, would be subject to at least a 10% tariff.

President Donald Trump is scheduled to announce significant tariffs on other countries in a speech Wednesday afternoon at the White House.

The tariffs are expected to follow similar recent announcements of 25 percent taxes on auto imports; levies against China, Canada, and Mexico; and expanded trade penalties on steel and aluminum.

The U.S. and global markets have already started to feel the impact of Trump’s tariffs, with the U.S. stock market taking the worst hit thus far. The Wall Street slump and global dip in stocks have sparked fresh fears in economists and concerns as to whether the U.S. is heading into a recession.

The president wants to rebalance America’s relationship with the rest of the world. Experts warn of price hikes and a possible recession.

President Donald Trump is "always up for a good negotiation," the White House said as the administration is gearing up to announce April 2 "Liberation Day" tariffs.

More than a dozen countries set for US reciprocal tariffs spent the first day of President Donald Trump's tariff rollout not only bracing for the economic fallout but with confusion about exactly what rates they might face.

But at the heart of the decision-making is Trump himself — who has agitated for tough tariffs for more than 40 years.

It comes as the president recently announced a 25% tariff on imported vehicles and some auto parts among other tariffs.