In a Rose Garden ceremony on Wednesday, U.S. President Donald Trump said he intends to immediately sign an order for “reciprocal tariffs” to be levied against U.S. trading partners.

“Our country and its taxpayers have been ripped off for more than 50 years but it’s not going to happen anymore,” said Trump, adding that the tariffs will begin at midnight.

The first specific tariff announced at the ceremony was a 25% levy on all foreign-made autos.

Among country-specific tariffs: China will see a rate of 34%, Vietnam 46%, Taiwan 32% South Korea 25%, European Union 20%, Switzerland 31%.

The price of bitcoin (BTC) initially rose in the ceremony’s early stages, but began to give ground as the tariffs were detailed. The price has retreated to $86,000, down about 1% from prior to the announcements.

U.S. stock index futures are plunging, with the Nasdaq 100 lower by 2.3% and the S&P 500 by 1.7%. Gold, meanwhile, shot higher to a new record high just below $3,200 per ounce.

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