(Reuters) -President Donald Trump said on Wednesday he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners, a move that could escalate a trade war and upend the global economy.

Trading partners are expected to respond with countermeasures that could lead to dramatically higher prices for everything from bicycles to wine.

Trump has already imposed 25% levies on autos and car parts.

SCOTT WHITAKER, CEO, ADVAMED

"Broad-based tariffs of this nature would act much as an excise tax. R&D spending would likely be the first and most direct casualty, threatening America's medtech innovation leadership. Tariffs will cost U.S. jobs, increase costs to the health care system and harm future medical progress."

RYAN ORABONE, MANAGING CONSULTANT, BEARINGPOINT

"Diversification of (apparel retailer) supply chain and manufacturing is a moot point because tariffs across-the-board are impacting every single major geographical facility that we produce apparel in."

"Now more than ever brands need to be so strategic and so precise within every element of planning. There is no room for error anymore, inclusive of assortment, allocation, and pricing."

DAVID SWARTZ, ANALYST AT MORNINGSTAR FOLLOWING SPORTSWEAR

"The huge tariff on imports from Vietnam is clearly negative for Nike, Adidas, and others in the sportswear space. Athletic footwear cannot easily be produced in other countries due to the complexity of manufacturing. Making it worse, tariffs are being imposed on other Asian countries."

"The industry will not panic and react immediately. Over time, if the tariffs hold, prices on sportswear will increase and producers could suffer lower margins."

"The chances that any of this leads to substantial manufacturing of footwear and apparel in the US are practically zero."

MARI SHOR, SR. EQUITIES ANALYST, COLUMBIA THREADNEEDLE INVESTMENTS, WHICH HOLDS NIKE STOCK

"The tariff announcement is far worse than expected. A 46% tariff on Vietnam will be difficult to avoid for footwear companies, including Nike. Companies will look to push back on vendors, but tariffs will certainly drive higher inflation in many categories, pressuring overall consumer discretionary spend."

CHRIS VITALE, UAW VETERAN WHO RETIRED FROM STELLANTIS, ATTENDED TRUMP'S TARIFF ANNOUNCEMENT IN PERSON

"You know, what's incredible is the idea that a trade policy announcement could become emotional."

"These are things that we've been preaching for years, while we watched all of our factories get hollowed out, while we watched all of our capabilities get hollowed out, and to actually see a president address that and use some of the same words and thoughts that I've used was just incredible."

LIZ SHULER, PRESIDENT, AMERICAN FEDERATION OF LABOR AND CONGRESS OF INDUSTRIAL ORGANIZATIONS

"The Trump administration's attacks on trade union workers' rights at home, gutting of the government agency that works to discourage the outsourcing of American jobs and efforts to erode critical investments in U.S. manufacturing take us backward."

RICHARD CAPPETTO, SENIOR DIRECTOR OF NORTH AMERICAN GOVERNMENT AFFAIRS, IPC

"A strong U.S. electronics industry requires a comprehensive approach - one that pairs targeted investments and incentives with policies that enhance mutually beneficial trade partnerships. Trade is essential to supply chain resilience, innovation, and cost competitiveness. Without it, tariffs risk raising costs for American businesses and further driving production offshore."

ZOLTAN VAN HEYNINGEN, EXECUTIVE DIRECTOR OF THE U.S. LUMBER COALITION

"We welcome the measures taken by President Trump and his administration's focus on Canada's unfair trade practices. We especially welcome the president's initiation of the Section 232 investigation under the Trade Expansion Act of 1962 focusing on softwood lumber imports."

MARK COMPTON, EXECUTIVE DIRECTOR OF THE AMERICAN EXPLORATION & MINING ASSOCIATION

"We are encouraged by the Trump administration prioritizing domestic mineral production and processing so we have the raw materials a revived manufacturing base and our society requires. We look forward to working with the administration to ensure the domestic mining industry is able to meet that challenge."

TONY REDONDO, FOUNDER AT COSMOS CURRENCY EXCHANGE

"Semiconductor giants like Nvidia face cost hikes from imported chips; Intel may gain but isn't immune. China's retaliation on rare materials could worsen shortages."

"PC makers (Dell, HP) could face 10%-25% cost increases, adding $200-$500/unit, pushing prices up or margins down."

"AI server firms (Nvidia, Amazon) may see delays and millions in extra costs from pricier chips and steel."

"Retailers like Walmart and construction could also suffer."

"Short-term: higher costs, chaos. Long-term: maybe more U.S. manufacturing, but labor and infrastructure lag."

"Consumers face pricier goods by late 2025 unless companies absorb costs - which is rare."

BERNSTEIN ANALYSTS

"We remain concerned that vehicle and parts tariffs are here to stay and will add a substantial cost burden to the sector. If automotive tariffs are not reversed but instead extended, we see further downside risks to automotive stocks."

TOM MADRECKI, VICE PRESIDENT OF SUPPLY CHAIN RESILIENCY, CONSUMER BRANDS ASSOCIATION

"The consumer packaged goods industry already manufactures the majority of its products here in the United States. However, there are critical ingredients and inputs that need to be imported due to scarce availability domestically. No amount of tariffs will bring these inputs back to the U.S."

"Reciprocal tariffs that do not reflect ingredient and input availability concerns will inevitably raise costs, limit consumer access to affordable products and unintentionally harm iconic American manufacturers. We encourage President Trump and his trade advisers to fine-tune their approach and exempt key ingredients and inputs in order to protect manufacturing jobs and prevent unnecessary inflation at the grocery store."

LENNY LAROCCA, KPMG U.S. AUTOMOTIVE LEADER

"U.S. automakers are looking at steps they can take in the shorter term to mitigate tariffs, such as working with suppliers on any items that can be moved to the U.S. quickly without significant investment. But massive longer-term investment decisions require more time and certainty."

"The current U.S. automakers playbook is not enough, and they are facing a watershed moment. It's an opportunity for automakers to do things differently. Lean into emerging technology like AI across their business. Explore and decide on alliances faster. Speed up vehicle production cycle times."

"On the supply side, this watershed moment offers opportunity in the chaos for mergers and acquisitions."

DAVID MCCALL, PRESIDENT, UNITED STEELWORKERS (USW) INTERNATIONAL

"We must ensure our trade policy targets cheaters rather than trusted economic allies like Canada. We should be working to build relationships - not barriers - with partners who have proven their commitment to joining us in tackling global overcapacity."

"The administration must also take steps to prevent companies from using tariffs as an excuse to price gouge consumers."

MIKE HAWES, CEO, UK'S SOCIETY OF MOTOR MANUFACTURERS AND TRADERS

"These tariff costs cannot be absorbed by manufacturers, thus hitting U.S. consumers who may face additional costs and a reduced choice of iconic British brands, whilst UK producers may have to review output in the face of constrained demand."

SETH GOLDSTEIN, MORNINGSTAR ANALYST ON U.S. CHEMICALS

"I see lower volumes as a result of tariffs. The tariffs will likely be passed along to raise price of end-market products to consumers. In turn, I expect we see consumers buy fewer goods."

"Due to the high fixed-cost nature of chemicals production, lower volumes would have an outsized impact on profits, so we could see another year of declining profits if widespread tariffs are implemented. However, many chemical producers make their products in the U.S. to be sold domestically, so we see less of a direct impact."

DAVID FRENCH, EXECUTIVE VP OF GOVERNMENT RELATIONS AT NATIONAL RETAIL FEDERATION

"More tariffs equal more anxiety and uncertainty for American businesses and consumers. Tariffs are a tax paid by the U.S. importer that will be passed along to the end consumer. Tariffs will not be paid by foreign countries or suppliers. We encourage President Trump to hold trading partners accountable and restore fairness for American businesses without creating economic uncertainty and higher prices for American families."

ART WHEATON, DIRECTOR OF LABOR STUDIES, ILR SCHOOL, CORNELL UNIVERSITY

"It will take years and billions of dollars to bring manufacturing jobs from new plants online, whereas expansions at existing factories could happen much sooner. However, companies prioritize stability - frequent policy changes can delay investment decisions as businesses wait for clearer, long-term signals before committing capital."

MICHAEL ASHLEY SCHULMAN, PARTNER AND CIO AT RUNNING POINT CAPITAL ADVISORS

"Possibly, Trump in addition to bringing back manufacturing to the U.S. and leveraging our advanced robotics within our shores for that manufacturing renaissance, may also be trying to truly muck up the Chinese economy and heighten their economic instability. 34% tariffs on Chinese goods could either force many Chinese manufacturers to close, increasing unemployment and social instability in China, and/or force a temporary price level adjustment within the U.S."

"For chips, PCs, semiconductors and server manufacturers, these tariffs, if they hold, will be quite disruptive."

"Investors, analysts, politicians, and the market will be on bated breath to see what is now negotiated between countries following this 'Liberation Day' volley from the administration. Hopefully, today's announcement is a worst-case scenario, and any negotiations create improvements from here."