04:56 PM EDT, 04/02/2025 (MT Newswires) -- US President Donald Trump announced sweeping new tariffs on Wednesday, targeting imports from several countries including China and Japan.

Trump set duties of 34% on Chinese goods and 24% on Japanese items. The world's largest economy will charge 20% tariffs on EU items coming into the country and 10% on UK goods.

Varying levels of tariffs will be imposed on Vietnam, Taiwan and India, among other countries.

Trump said the US will impose 25% tariffs on all automobiles imported into the country, effective at midnight.

Wedbush Securities said in a Monday note that the auto tariffs have the potential to send the global industry into "pure chaos" and raise the average price of vehicles between $5,000 and up to $10,000 to $15,000.

Trump has previously announced duties on goods coming from China, Canada and Mexico, as well as on all steel and aluminum imports.

Market and consumer sentiment has soured in recent weeks amid escalating trade tensions.

Earlier this week, Goldman Sachs said that it expected annualized fourth-quarter gross domestic product to grow by 1%, down from a prior 0.5% view. The brokerage raised its full-year core personal consumption expenditure inflation outlook by half a percentage point to 3.5%.