President Donald Trump, speaking at the White House, held up a chart showing proposed import taxes: 34 percent on China, 20 percent on the EU, among others.

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

Where does the money collected from tariffs go? How soon will prices rise for consumers? What tariffs are other countries charging on U.S. goods?

The following is a list of reciprocal tariffs announced by US President Donald Trump during his April 2 press conference, with some updated in a White House document released afterward.All nations will be subject to at least a 10% tariff going forward,

President Donald Trump’s massive tariffs announced on dozens of nations Wednesday were pitched as “reciprocal,” matching what other countries charge the United States dollar for dollar, even taking into account non-tariff barriers like value-added taxes and other such measures.

Trump announced on Wednesday that his administration will be imposing reciprocal tariffs on dozens of countries. Here's when they go into effect

The Trump administration took that formula’s figure, -0.5 for South Korea, and divided it by two to calculate the U.S. “discounted reciprocal” tariff rate. So, while South Korea imposes an effective tariff rate of .79 percent on U.S. goods, the reciprocal tariff rate the U.S. is imposing on South Korea is 25 percent.

The sketch show mocked the president's tariffs, saying Make America Wealthy Again would be preceded by the best ever "Great Depression."

Basu added it is not really a reciprocal tariff as the Trump administration calls it, it is based on the trade deficit the US has with India.