Donald Trump says the U.S. will impose a 10 per cent baseline tariff on all trading partners, in addition to higher tariffs on a series of individual countries and a 25 per cent levy “on all foreign-made automobiles” that will come into effect on midnight Wednesday.

Mr. Trump did not immediately say whether that auto tariff would grant any exemption for vehicles made in Canada, or elsewhere in North America.

But he pointed to high tariffs in South Korea and Japan as particular problems for the U.S.

Mr. Trump called the imposition of sweeping tariffs on foreign goods “our declaration of economic independence,” while decrying past trade policies that, he said, damaged the country.