(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.

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."

BRIAN JACOBSEN, CHIEF ECONOMIST AT ANNEX WEALTH MANAGEMENT

"It could have been worse. The framing of tariffs as being reciprocal can hopefully prompt officials to negotiate quickly instead of retaliate."

"There's still a cost to pay and that cost is either higher consumer prices or lower profits. Neither is a great deal for investors. The market reaction makes sense as it's now a matter of how long these tariffs stay in place."

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."