President Donald Trump announced plans for sweeping tariffs Wednesday, saying “our country has been looted, pillaged, raped, plundered” by other nations. The aggressive rhetoric came as Trump showed a willingness to dismantle a global economic system that the United States helped to build after World War II. Trump held up a chart while speaking, 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. “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.” Here's the latest: Trump touts GOP’s victories in special elections Tuesday “We have a majority of seven, and seven’s, like, a lot, when we had it at one, right?” Trump said of the House majority during his Rose Garden event on tariffs. Republicans will hold a 220-213 majority in the House after Tuesday’s two special election victories in Florida, giving them a 7-seat cushion. A few weeks ago, the House Republican majority was down to just 218-215. That meant Republicans could afford to lose only a single vote when Democrats were unanimously opposed to legislation. That is likely the “one” that Trump was referring to, as the margin made it difficult for Republicans to pass any legislation. Trump says his reciprocal tariff rates are ‘kind’ and could have been much steeper Trump is calling his tariff policy “kind reciprocal,” saying he could’ve been much harsher on U.S. trading partners. The president said the tariff rates he’s imposing, steep as they are, don’t match the levies that some countries impose on U.S. exporters. He’s calling the rates he chose the “discounted reciprocal tariff.” Trump suggests that US income tax, and moving away from tariffs, helped fuel the Great Depression Trump used his tariff speech to again champion the Gilded Age. As he has repeatedly since starting his second term, Trump suggested that the U.S. was at its wealthiest when it was a “tariff nation” between 1870 and 1913. He added that “for reasons unknown to mankind,” the U.S. went to income tax in 1913. Trump suggested that the 1930s’ Great Depression was fueled by the U.S. going to an income tax and away from tariffs. Economists and historians say the U.S. did grow between 1870 and 1913, but that was mostly due to immigration and was wracked by inequality. Full list of Trump’s reciprocal tariffs This is the full list of reciprocal tariffs that Trump announced: 1. China: 34% 2. European Union: 20% 3. South Korea: 25% 4. India: 26% 5. Vietnam: 46% 6. Taiwan: 32% 7. Japan: 24% 8. Thailand: 36% 9. Switzerland: 31% 10. Indonesia: 32% 11. Malaysia: 24% 12. Cambodia: 49% 13. United Kingdom: 10% 14. South Africa: 30% 15. Brazil: 10% 16. Bangladesh: 37% 17. Singapore: 10% 18. Israel: 17% 19. Philippines: 17% 20. Chile: 10% 21. Australia: 10% 22. Pakistan: 29% 23. Turkey: 10% 24. Sri Lanka: 44% 25. Colombia: 10% Trump turns to retired auto worker who spoke at GOP convention Trump invited Brian Pannebecker, a retired autoworker who spoke at the Republican National Convention to speak briefly at his White House news conference on tariffs. “My entire life I have watched plant after plant after plant close,” Pannebecker said. Pannebecker, a Michigan resident, is the founder of Auto Workers for Trump. The influential union United Auto Workers endorsed Democrat Kamala Harris in the 2024 election but has backed Trump’s plans to boost tariffs on imported vehicles. Trump: ‘This is one of the most important days’ in American history “It’s our declaration of economic independence,” Trump said in announcing a barrage of self-described “reciprocal” tariffs. “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.” U.S. financial markets have been unsettled in anticipation of Trump’s tariff announcement. Trump insists the moves will strengthen the U.S. economy, even as many experts worry it could lead to higher prices for most American consumers. Trump’s Cabinet is making a show of force at his White House event announcing new tariffs Among those in attendance include Secretary of State Marco Rubio, Health and Human Services Secretary Robert F. Kennedy, Defense Secretary Pete Hegseth, Education Secretary Linda McMahon, Veterans Affairs Secretary Doug Collins, Transportation Secretary Sean Duffy, Housing and Urban Development Secretary Scott Turner, Commerce Secretary Howard Lutnick, Environmental Protection Agency administrator Lee Zeldin and Tulsi Gabbard, the director of national intelligence. There’s a fair amount of pageantry at the Rose Garden event, with the president walking out to a backdrop of numerous American flags.