Photo: Mark Schiefelbein/Associated Press

President Trump announced a sweeping new tariff plan at a Rose Garden ceremony, a stark shift in U.S. trade policy.

The U.S. will impose a 10% tariff on all imports and much higher rates for some nations, Trump said in a series of moves he declared “Liberation Day” for U.S. trade policy.

The plan is a combines two plans debated by aides — a universal tariff and nation-specific duties.

– There’s a 10% baseline tariff. These are across-the-board levies on all imports.

– Other nations will be hit with what Trump called a “discounted reciprocal tariff.” The higher rates are for nations the White House considers bad actors on trade. Duties will be 34% on China, 24% on Japan and 20% on the E.U., in lieu of the universal 10% tariff.

– Auto tariffs will take effect tonight. Trump said he’s imposing 25% tariffs on all foreign-made autos as of midnight.

– U.S. stock futures declined in postclose trading, reflecting fears that the tariffs will slow growth, boost inflation and further rattle global markets when they reopen Thursday. Popular stocks such as Apple, Amazon and Nike were among the largest retreaters.