Washington, April 3 -- Calling it a 'Liberation Day' for America, US President Donald Trump announced a baseline rate of 10 per cent on all imports and higher individualised rates for dozens of countries, including 26 per cent for India, 34 per cent for China and 20 per cent for the EU.

The levies are half of what the US deemed the trading partner countries imposed on goods from America, a combined total of tariffs and non-monetary barriers. Trump said the lower rates are because Americans are "kind" people.

Other countries hit with higher rates are the UK, Japan, South Korea, Indonesia, Taiwan, the EU, Vietnam, Cambodia, Switzerland, Bangladesh, Pakistan and Sri Lanka. Many of the targeted countries are treaty allies of the US, but Tr...