Republicans praised the president's new tariff strategy after it was announced Wednesday, insisting it will be good for Americans, but Democrats slammed it as bad for the economy and argued it will only serve to raise prices.

All U.S. imports face a baseline 10% tariff, effective Saturday. + Higher rates will apply to partners judged "bad actors" on trade. For example, Japan faces a 24% duty and the European Union faces a 20% levy,