Mr. Trump insists that these actions are his way of standing up for farmers and ranchers. Other nations such as Japan, China and India have charged higher tariffs than the U.S. for importing American farm goods.

President Donald Trump revealed his tariff plans as part of a "Liberation Day" ceremony at the White House. Uncertainty over tariffs has roiled financial markets in recent weeks.

President Trump on Saturday urged Americans to "hang tough" and played golf as his baseline 10% universal tariffs went into effect.

Trump's tariff plans are sending stocks tumbling and sparking fears of a global economic downturn. Follow along for live updates on the Dow Jones Industrial Average, Nasdaq and S&P 500.

President Donald Trump announced an additional 50% tariff on goods imported from China, which could potentially double the price of Chinese imports. Trump's additional tariffs followed China's announcement that it was matching the "reciprocal tariff" Trump announced last week amid the new sweeping tariffs on US imports.

U.S. President Donald Trump said on Monday he will impose an additional 50% tariff on China if Beijing does not withdraw its retaliatory tariffs on the United States.

Trump has insisted his tariffs are necessary to rebalance global trade and rebuild domestic manufacturing. He's singled out China as “the biggest abuser of them all” and criticized Beijing for increasing its own tariffs in retaliation.

Just hours after Trump's comments, stock markets plunged in Asia early on Monday, with Hong Kong's Hang Seng losing 9.8%.

The president said he would not quickly reverse last week’s steep tariffs, which have sparked pushback and roiled markets.