The news: President Donald Trump unleashed sweeping tariffs on US imports, calling the move a declaration of “economic independence” that will reshape global trade and severely test the resilience of US consumers and businesses.

What we know: A 10% baseline tariff on all imports, excluding those from Canada and Mexico, will take effect on Saturday. The rates will be significantly higher for countries the Trump administration considers to be “bad actors” on trade—which include some of the US’ biggest trading partners, including China, the European Union, Japan, and Vietnam. Those rates will go into effect on April 9.

Those levies will be stacked on top of existing tariffs, which means that imports from China will be hit with at least 54% in duties when accounting for the 20% tariffs imposed earlier this year.