After weeks of anticipation and speculation, President Donald Trump followed through on his reciprocal tariff threats by declaring on Wednesday a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States.

President Trump imposed sweeping tariffs Wednesday on all U.S. trading partners, plowing ahead on a risky economic strategy. Here are five takeaways.

Trump announced a range of new tariffs on April 2, his so-called "Liberation Day."He signed an executive order to impose reciprocal tariffs and a 25% tariff on car imports.Some economists warned that uncertainty around the tariffs could strain consumers and businesses.

The Senate is expected to vote Wednesday evening on a Democratic-led resolution to block Trump’s Canadian tariffs.

The president said he would go ahead with auto tariffs industry officials say could decimate Michigan's signature industry, as well as other taxes.

WASHINGTON (AP) — President Donald Trump declared on Wednesday a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States, threatening to upend much of the architecture of the global economy and trigger broader trade wars.

For years, China’s southern neighbor was a popular alternative for companies trying to avoid the crossfire of U.S. trade tensions with Beijing.

Trump said he was acting to bring in hundreds of billions in new revenue to the U.S. government and restore fairness to global trade.

President Donald Trump’s sweeping tariffs will take immediate effect after they are announced Wednesday, his top spokeswoman said.