President Donald Trump said in a speech from the White House that the US will impose tariff rates on 34% on Chinese goods, 20% on items from the European Union and 24% on Japanese goods. South Korea will see a rate of 25% on goods shipped to the US and Taiwan faces a 32% levy.

The baseline for tariff levels was set at 10%, he said.

The president also announced a 25% tariff on all automobiles imported into the U.S.

Trump said the goal of the tariffs is to increase production and bring back a "golden age" for the US.

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