U.S. President Donald Trump has announced 25 percent reciprocal tariffs on imports from South Korea. 

Trump made the announcement Wednesday during the “Make America Wealthy Again” event at the White House Rose Garden, unveiling sweeping new tariffs on U.S. trading partners. 

A baseline tariff of ten percent for all imports to the U.S. will go into effect Saturday, and the additional country-specific “reciprocal” tariffs will take effect Wednesday next week. 

The U.S. is also imposing 34 percent reciprocal tariffs on China, 20 percent on the European Union, 46 percent on Vietnam, 32 percent on Taiwan, 24 percent on Japan and 26 percent on India. 

Trump said that for decades, the United States has been “looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,” asserting that the new tariffs are necessary to combat trade imbalances and restore U.S. manufacturing.