Trump announces sweeping new tariffs at 'Liberation Day' celebration at White House

President Donald Trump followed through on his promise to hit many countries with new tariffs during a "Liberation Day" ceremony at the White House Wednesday.

The president brought out a large banner displaying the new rates of tariffs for many countries including Ukraine, China, the European Union, and Japan.

'The pharmaceutical companies are going to come roaring back, they're coming roaring back, they're all coming back to our country because if they don't, they got a big tax to pay!'

Trump accused trading partners of taking advantage of the U.S. and claimed that tariffs would bring billions of dollars in new revenue to the federal government while encouraging more domestic investments.

"From this day on, we're not going to let anyone tell us American workers and families cannot have the future that they deserve. We are going to produce the cars and ships, chips, airplanes, minerals, and medicines that we need right here in America," said Trump to the audience at the Rose Garden.

"The pharmaceutical companies are going to come roaring back, they're coming roaring back, they're all coming back to our country because if they don't, they got a big tax to pay!" he added. "And if they do, I'll be very happy, and you're gonna be very happy, and you're gonna be very safe."

Every country in the world will have their tariffs increased by 10%, and some will have tariffs increased up to 49%.

Critics of the tariffs accuse the president of indirectly but unilaterally raising taxes on the public without authorization from Congress.

“With today’s announcement, U.S. tariffs will approach levels not seen since the Smoot-Hawley Tariff Act of 1930, which incited a global trade war and deepened the Great Depression,” read a statement from Scott Lincicome and Colin Grabow of the Cato Institute.

The new tariffs led to a steep drop in stock market futures.

Democrats have floated a resolution to oppose Trump's tariffs, and some Republicans have signaled support, but it is unlikely to be successful with the Republican-led House and opposition from the president.

"Donald Trump’s reckless tariffs will cause chaos in our economy, raise prices for consumers, and hurt hardworking American families," wrote Democrat Rep. Nancy Pelosi of California. "This is not a strategy — it’s the largest tax hike on the American people in history."

Like Blaze News? Bypass the censors, sign up for our newsletters, and get stories like this direct to your inbox. Sign up here!