President Trump announced a sweeping new tariff plan at a Rose Garden ceremony, a stark shift in U.S. trade policy.

The U.S. will impose a 10% tariff on all imports and much higher rates for some nations, Trump said in unveiling a series of moves he declared “Liberation Day” for U.S. trade policy.

The plan combines two concepts debated by aides—a universal tariff and nation-specific duties.

There’s a 10% baseline tariff. These are across-the-board levies on all imports, effective April 5.

Other nations will be hit with what Trump called a “discounted reciprocal tariff.” The higher rates are for nations the White House considers bad actors on trade. For example, duties will be 24% on Japan and 20% on the E.U., in lieu of the universal 10% tariff, effective April 9.

A new 34% tariff on China will add to previous duties, like the 20% tariff Trump imposed over fentanyl. The base tariff rate on Chinese imports will be 54%, before adding tariffs imposed during Joe Biden’s presidency or Trump’s first term.

Canada and Mexico are excluded from the reciprocal tariff regime. They are still subject to plans to impose 25% tariffs on most imports to the U.S. for what Trump says is their role in fueling the fentanyl crisis and illegal immigration. An exemption for these levies on autos and many other goods was in place but due to expire on April 2.

Auto tariffs will take effect tonight. Trump said he’s imposing 25% tariffs on all foreign-made autos as of midnight.

U.S. stock-index futures declined between 2% and 4.3% in postclose trading, reflecting fears that the tariffs will slow growth, boost inflation and further rattle global markets when they reopen Thursday. Popular stocks such as Apple, Amazon and Nike were among the largest retreaters, dropping 4% or more.