"We are going to fight these tariffs with countermeasures," Canadian Prime Minister Mark Carney said Wednesday.

President Trump has called out nations like China and Canada and the European Union for "unfair" trading practices and tariffs on the U.S.

President Trump announced reciprocal tariffs today on a number of other countries. Here's what to know about these import taxes.

The average EU tariff rate on US imports is a small fraction of this – at about 3 per cent on average – despite Trump claiming that the EU charges 39 per cent on goods imported from the US. He said he was being “kind” by cutting the US “reciprocal” tariff in half.

The United States has revised downwards the import duties to be imposed on India from 27 per cent to 26 per cent, according to a White House document.

The formula used by the Trump administration to calculate 'Liberation Day' reciprocal tariffs is based on trade deficits.

Service sectors make up the vast bulk of the American economy, which gives trading partners some clout in trade negotiations.

Trump promised tariffs that would mirror what other nations assess. In fact, the calculation is quite different.

The president did not reveal the details of his plan to impose reciprocal tariffs the same day, but suggested he would move ahead with import taxes on trading partners.