US President Donald Trump has put his 10-percent baseline tariff into effect worldwide.



Trump said on Wednesday that he will impose a minimum baseline levy of 10 percent on all countries from Saturday.



The president also said that he will institute so-called reciprocal tariffs on around 60 countries and regions with which the US has a large trade deficit. Japan faces 24 percent and China, 34 percent. The tariffs will take effect on April 9.



In retaliation, the Chinese government has announced an additional tariff of 34 percent on all US imports, starting next Thursday.



Trump stressed on social media that "My policies will never change." He added, "China played it wrong, they panicked."



Stock prices have plunged worldwide for two days in a row after the announcement of the tariffs.



Market players see it as unlikely that the new levies can be lowered or withdrawn through negotiations.



Concerns are growing over the global economic outlook amid intensifying trade friction.