US President Donald Trump declared on Wednesday a 10 per cent baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States, threatening to upend much of the architecture of the global economy and trigger broader trade wars.

After weeks of anticipation and speculation, President Donald Trump followed through on his reciprocal tariff threats by declaring on Wednesday a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States.

In an announcement at the Rose Garden in the White House, Trump announced a 34 per cent tax on imports from China and 20 per cent on the European Union, among others.

The U.S. Constitution’s 22nd Amendment says, “No person shall be elected to the office of the President more than twice.”

President Donald Trump said on Sunday he was not joking about seeking a third term but did not explain how he would get around the U.S. Constitution's prohibition against anyone serving more than two terms as president.

President Donald Trump has teased running for a third term, which is currently prohibited by the Constitution, but most of his actions suggest he knows his time is limited. Trump has moved quickly on almost every front since returning to the White House,