WATCH: Trump announces tariffs in 'Liberation Day' speech

WASHINGTON, D.C. - President Donald Trump announced a number of new tariffs to help reshape the U.S. economy on Wednesday, which he has called "Liberation Day."

What we know:

Trump said he’ll impose "reciprocal" tariffs on duties that other countries charge on U.S. products but won't match the rates other countries have implemented.

"In other words, they charge us, we charge them. We charge them less. So how can anybody be upset?" Trump said on Wednesday. 

The president used aggressive rhetoric to describe a global trade system that the United States helped to build after World War II, saying "our country has been looted, pillaged, raped, plundered" by other nations.

Trump declared a national economic emergency to launch the tariffs, expected to produce hundreds of billions in annual revenues. He has promised that factory jobs will return back to the United States as a result of the taxes, but his policies risk a sudden economic slowdown as consumers and businesses could face sharp price hikes on autos, clothes and other goods.

"Taxpayers have been ripped off for more than 50 years," Trump said in remarks at the White House. "But it is not going to happen anymore."

By the numbers:

The president announced a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the U.S. 

Trump held up a chart while speaking at the White House, showing the United States would charge a 34% tax on imports from China, a 20% tax on imports from the European Union, 25% on South Korea, 24% on Japan and 32% on Taiwan.

What's next:

Trump has threatened to impose additional tariffs on the following: 

• Copper
• Lumber
• Pharmaceutical drugs
• Computer chips

White House Press Secretary Karoline Levitt said Trump’s tariff policy was successful in his first term and the word to Americans is to expect the same result this time around.

Longtime trading partners are preparing their own countermeasures. Canada has imposed some in response to the 25% tariffs that Trump tied to the trafficking of fentanyl. The European Union, in response to the steel and aluminum tariffs, put taxes on 26 billion euros’ worth ($28 billion) of U.S. goods, including on bourbon, which prompted Trump to threaten a 200% tariff on European alcohol.