Donald Trump predicted foreign presidents, prime ministers, kings, queens, ambassadors “and everyone else” will soon be calling him to ask for exemptions from the new tariffs.

He said he would tell them to terminate their own tariffs, drop their barriers, and not to manipulate their currencies.

“They manipulate their currencies like nobody can even believe, which is a bad, bad thing and very devastating to us,” he said.

The UK will face tariffs of 10% – the same as Britain charges the US, a chart held up by President Trump reveals.

It’s one of only a handful of countries set to have identical duties imposed as they charge American businesses.

Donald Trump claimed the US was being kind by charging other nations roughly half of what they charge.

Slamming the EU as “pathetic”, charging the US 39%, will now face 20% tariffs, he announced.

China, which charges 67% would now be charged 34%.

The US president drew attention to duties other nations charge on dairy and other animal produce, saying Canada imposed a 250% to 300% tariff on many dairy products.

“They do the first little carton of milk at a very low price. But after that it gets bad, and then it gets up to 275%-300%,” he said.

It’s not fair to US farmers, he said.

“We subsidise a lot of countries and keep them going and keep them in business. In the case of Mexico, it’s $300 billion a year. In the case of Canada, it’s close to $200 billion a year… and we’re really not taking it any more through non tariff barriers.

“The European Union bans imports of most American poultry. You understand they say we want to send you our cars. We want to send you everything, but we’re not going to take anything that you have.

“Australia bans and the wonderful people and wonderful everything, but they banned American beef. Yet, we imported $3 billion of Australian beef from them just last year alone. They won’t take any of our beef. They don’t want it because they don’t want it to affect their farmers and you know what I don’t blame them, but we’re doing the same thing.”

President Trump has confirmed a 25 per cent tariff on all foreign imported cars.

He highlighted other tariffs other countries charge, saying: “The United States charges other countries only a 2.4 tariff on motorcycles.

“Meanwhile, Thailand and others are charging much higher prices, like 60% –India charges 70%, Vietnam charges 75%, and others are even higher than that.

“Likewise, until today, the United States has for decades, charged a 2.5% tariff. Think of that – 2.5% on foreign made automobiles.”

Mr Trump said it was America’s turn to prosper after he signs an executive order introducing global tariffs.

He said: “This is one of the most important days, in my opinion, in American history. It’s our declaration of economic independence.

“For years, hard-working American citizens were forced to sit on the sidelines, as other nations got rich and powerful, much of it at our expense, but now it’s our turn to prosper, and in so doing, use trillions and trillions of dollars to reduce our taxes and pay down our national debt.

“And it all happened very quickly, with today’s action, we are finally going to be able to make America great again, greater than ever.”

Mr Trump began his long- anticipated speech on tariffs by saying: “April 2 2025, will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed, and the day that we began to make America wealthy again, going to make it wealthy, good and wealthy.

“For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike.”

President Trump’s announcement will be streamed live on The Independent’s YouTube channel:

Lib Dem leader Ed Davey called for the UK to impose tariffs on Tesla cars, made by Elon Musk’s company.

“Let’s put tariffs on Teslas and the tech bros,” he told Channel 4 News, calling for an economic coalition with European and Commonwealth partners to defend free trade.