Washington: U.S. President Donald Trump announced plans Wednesday to impose a minimum 10 percent "baseline" tariff on all imports to the United States and "reciprocal" tariffs, including 26 percent duties for South Korea, as he seeks to reduce America's trade deficits and bolster domestic manufacturing.

According to Yonhap News Agency, Trump made the announcement on the baseline and reciprocal tariffs, which will go into effect at 12:01 a.m. on Saturday and at 12:01 a.m. next Wednesday, respectively. The announcement was made during the "Make America Wealthy Again" event at the White House Rose Garden.