On what the White House has dubbed as "Liberation Day," President Donald Trump announced a spate of new tariffs on all U.S. trade partners, as well as additional tariffs on dozens of countries that his administration has described as the "worst offenders."

Speaking Wednesday afternoon during a "Make America Wealthy Again" ceremony from the Rose Garden, President Trump said baseline tariffs of 10% will go into effect April 5th, while the higher reciprocal rates will take effect April 9th — amounting to about 50% of what other countries tax U.S. exports.

WATCH | President Trump's full speech on reciprocal tariffs

In addition, President Trump said that beginning at midnight Thursday, the U.S. will place a 25% tariff on all foreign-made automobiles.

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"This is one of the most important days, in my opinion, in American History," he said. "It's our declaration of economic independence. For years, hardworking American citizens were forced to sit on the sidelines as other nations got rich and powerful — much of it at our expense. But now it's our turn to prosper."

President Trump said his sweeping tariffs are in response to what he called a U.S. "national emergency" arising from economic security concerns and trade deficits. Other countries, however, have indicated they are preparing for retaliatory responses or reserve the right to respond, including Canada, Mexico, the United Kingdom, the European Union, China and Japan.

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Trump administration officials said if any countries announced retaliatory measures in response to President Trump's tariffs, it would be seen as undermining the protections of the president's executive order and the White House would respond.

President Trump’s trade policy has sought to address what his administration views as unfair trade with other nations, boost manufacturing, raise revenue, and pay down the national debt.

WATCH | Peter Navarro on Trump's tariffs addressing 'chronic trade deficit'

"Jobs and factories will come roaring back into our country and you see it happening already," President Trump said. "We will supercharge our domestic industrial base. We will pry open foreign markets and break down foreign trade barriers, and ultimately more production at home will mean stronger competition and lower prices for consumers."

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Despite recent swings in the stock market in anticipation of the president's tariffs, the White House has maintained that the market is a “snapshot in time." Earlier this year, President Trump said there could be a "little disturbance" from his proposed tariffs, but added that his administration will "be okay with that," citing long-term benefits.

Some economic experts, however, have warned that the new tariffs could place a larger burden on low and middle-income families.

“I think fundamentally families are going to face higher costs," said Brendan Duke, senior director of federal budget policy at the Center on Budget and Policy Priorities. "Businesses have made clear they plan on raising prices in reaction to these enormous tariffs he’s talking about."

“The Biden Administration faced a lot of political heat because of rising prices and this is just pouring gasoline on that fire of too high a prices,” Duke added.