"There will never have been a transformation of a country like the transformation that's already happening in the United States of America," Trump continues, after noting that he's been in office for only two months.

"It's an incredible thing to watch."

He claims that US workers and companies are greeting his tariff announcement with enthusiasm.

"There will be complaints from globalists, special interests and fake news," he says, adding that all those critics have been wrong about US trade policy over the last 30 years.

Trump says that companies that build their products in the US will pay zero tariffs.

"There's no tariff if you build your product right here in America," Trump says.

The president says "soon" he will be getting calls from kings, queens and ambassadors looking for tariff exemptions.

His message to them is: "Terminate your own tariffs, drop your barriers, don't manipulate your currencies.. and start buying tens of billions of dollars of American goods."

Trump says other nations have treated the US "badly", charging disproportionate tariffs on US imports that he likens to "cheating".

In turn, the US will charge other countries "approximately half" of what they are charging the US.

"So, the tariffs will not be a full reciprocal. I could have done that, yes, but it would have been tough for a lot of countries," Trump says.

"We didn't want to do that."

Trump has just announced a "minimum baseline tariff" of 10% on other countries to "help rebuild" the US economy.

It will come into effect on 5 April.

Trump is now holding up a large chart showing a table titled "Reciprocal Tariffs", which compares tariffs imposed by other countries on the US versus Washington's own levies.

It displays a 10% tariff on imports from UK and 20% on EU imports.

"They charge us, we charge them. How can anybody be upset?" he says.

Among others, he singles out China and the European Union. "They rip us off. It's so sad to see. It's so pathetic."

"India," he says, "very tough. Very, very tough."

Trump continues, saying that US companies are unable to produce enough antibiotics.

"We import virtually all of our computers, phones, TVs and electronics," he says.

He claims that a single shipyard in China is churning out more ships that all of America's shipyards do each year.

The trade deficit represents "a national emergency that threatens our security and threatens our way of life".

"For this reason, starting tomorrow the US will implement reciprocal tariffs on other nation."

Trump says it's not too late, and vows to make the US wealthy again.

"They've taken so much of our wealth away from us," he says. "We're not going to let that happen."

Trump says the US can no longer afford to hold trade deficits with other countries, suggesting the US has been subsidising them for too long.

"We take care of countries all over the world," he laments, and says it's time the US took care of its own people.

Trump says that between the late 18th century and early 20th century the US was "proportionately the wealthiest it has ever been".

"So wealthy in fact," Trump continues, "we were collecting so much money so fast, we didn't know what to do with it."

Trump says that in 1913, income tax was placed on US citizens "for reasons unknown to mankind".

"They established the income tax so that citizens, rather than foreign countries, would start paying the money necessary to run our government," Trump says.

Mocking US trade partners, Trump says: "We want to send you our cars. We want to send you anything, but we won't take anything you have."

He complains that EU countries don't want American poultry, and that Australia refuses to purchase American beef.

"They won't take any of our beef. They don't want it, they don't want it to affect our farmers."

Japan, South Korea and China "don't want us to sell our rice there", he adds.

Trump continues to say that through today's actions, the US is "standing up for farmers and ranchers" who have been "brutalised" by nations around the world.

He says that Canada imposes a 200-250% tariff on "many of our dairy products", saying the first can of milk is at a "very low price" but after that "it gets bad".

He adds that the US "subsidise[s]" a lot of countries - citing Canada and Mexico as examples.

At what point do you say "you've got to work for yourselves", he asks.

Image source, Reuters

Trump invites a supporter named Brian from the audience to speak. The man, who is wearing a fluorescent vest, says he is an auto worker who grew up in Michigan.

Brian speaks about how he's watched his entire life as auto-manufacturing "plant after plant" in the Detroit area has closed and jobs have moved away.

"Donald Trump's policies are going to bring back investment and new plants," he says.

He ends by saying union members in his industry support the president, and says he "can't wait to see what the future holds".

Bernd Debusmann Jr
Reporting from the White House

Image source, Bernd Debusmann / BBC

The crowd at the event is extremely receptive to Trump's message - as should come as no surprise.

To my right - where two rows of construction helmet-wearing workers are seated - many are exclaiming "that's right!" and "let's go!" as the president speaks.

Nearly all of them pulled out their phones to take pictures as Trump held up an extremely thick document which lays out the tariffs.

Trump says when it comes to trade, sometimes the "friend (is) worse than the foe".

He says that over 80% of cars made in South Korea are sold in South Korea, and over 90% of cars sold in Japan are made in Japan, and that US-made cars represent only a small fraction in those countries.

"Ford sells very little" in other countries, Trump says, an imbalance which has "decimated" US industries.

"That's why effective at midnight we will impose a 25% tariff on all foreign made automobiles," Trump says.

"Those days are over," Trump continues.

The US charges a 2.4% tariff on imported motorcycles, he says.

"Meanwhile Thailand and others are charging much higher prices, like 60%. India charges 70% and Vietnam charges 75%," he adds.

He goes on to criticise the EU and Asian countries for placing tariffs on US-made automobiles.

He adds that the measures other countries exploit are "non-monetary" as well.

Image source, Reuters

The president now says that for "decades" the US has slashed trade barriers on other countries while those nations "placed massive tariffs on our products".

In "many cases" the non-monetary barriers were worse than the monetary ones, he adds.

Trump accuses other nations of various things including stealing the US's intellectual property and adopting unfair rules.

Holding up a United States Trade Representative report he calls it "frankly upsetting when you read it".

Trump says jobs and local manufacturing will come "roaring back" to America, and promises to "pry open foreign markets".

He touts stronger competition and lower prices for consumers, to applause.

"This will indeed be the golden age of America," Trump adds.

Trump says that he will soon sign the highly-anticipated executive order that will enact reciprocal tariffs, a term which by Trump's definition means: "They do it to us, and we do it to them."

He says today marks the US's "declaration of economic independence".

"Now it's our turn to prosper," Trump says.

Bernd Debusmann Jr
Reporting from the White House

Image source, Reuters

There was a loud cheer as Donald Trump stepped up, with "hail to the chief" blasting through the speakers. Trump appeared to greet several people as he entered the Rose Garden, and swiftly moved to the podium in the centre.

Trump says that the US has been taken advantage of by "cheaters" and has been "pillaged" by foreigners.

"Our taxpayers have been ripped off for more than 50 years, but it is not going to happen anymore," he adds.

Trump is met with applause and thanks the crowd for attending, beginning by saying there will be "very good news today".

Today is "Liberation Day", he continues, something he says the US has been waiting a long time for.

He adds that today will be remembered as the day American industry is "reborn" and the day America was "made wealthy again".