U.S. President Donald Trump announced on Thursday a 10% “baseline” tariff on imports from all foreign countries and a 26% “reciprocal” tariff on South Korean goods. The new measures will take effect at 12:01 a.m. on Saturday for baseline tariffs and next Wednesday for reciprocal tariffs. The White House and Trump’s Republican supporters framed the move as America’s “liberation day.”

The reciprocal tariffs target countries in terms of trade imbalances and non-tariff barriers, including China (34%), Vietnam (46%) and the European Union (20%). Trump specifically criticized South Korea and Japan for non-monetary trade restrictions and highlighted that 81%