For instance, Trump said, the U.S. estimated a total trade barrier rate of 67% for China, meaning the U.S. would impose a 34% tariff in response. The U.S. assessed a European Union trade barrier rate of 39%, Trump said, adding that the U.S. reciprocal tariff would register at 20%.

President Donald Trump said he'll be rolling out reciprocal tariffs. Here's what that means for the U.S. and its trading partners.