From CBS News Headquarters in New York, this is the CBS Evening News.

Good evening. I'm Maurice Dubois.

I'm John Dickerson.

President Trump today escalated and expanded his trade war with the world.

He announced he is placing a tariff this Saturday on imports from every nation on the planet,

at least 10%. He called that a baseline. Some countries will get hit much harder. China, 54%. European

countries, 20%. The president said U.S. taxpayers had been ripped off by other countries for more

than 50 years,

but he said it's not going to happen anymore. But Americans could pay a price for the tariffs

in the form of higher costs for consumer goods. Nancy Cordes at the White House begins our coverage

of what the president calls Liberation Day, a day he said will go down in history. Nancy?

John, it certainly is a day that could end up altering the world's economy.

U.S. tariffs on some countries are going to soar overnight from the single digits to up to 50

percent, the largest expansion of tariffs since at least the 1930s.

This is Liberation Day, waiting for a long time.

President Trump laid out the numbers just after the U.S. stock markets had closed.

The new 10% baseline tariffs on all goods coming into the U.S., and even higher tariffs on goods from

60 countries that the White House dubbed the worst offenders, countries that export more to the U.S.

than we export to them.

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

He held up a chart indicating the U.S. will now be imposing dramatically larger,

54% tariffs on Chinese goods, 24% on Japanese goods, and 20% on European goods.

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