U.S. President Donald Trump imposed new reciprocal tariffs on global trading partners on Wednesday (April 2), upending decades of rules-based trade, threatening cost increases and likely drawing retaliation from all sides.

The "reciprocal" tariffs, Trump said, were a response to duties and other non-tariff barriers put on U.S. goods. He argued that the new levies will boost manufacturing jobs at home.

Voters in Arizona shared mixed feelings about the announcement.

"I'm very optimistic about it. I do feel that if other countries require tariffs, I think it's only right that we should as well. And then I think this, implementing tariffs is definitely going to take a while until it gets better," said Jada Daishawahila, 23, a self-employed Republican.

Bill, 61, who did not give his last name, said the tariffs are a 'backward move' that targeted America's allies.

"We've literally spit in their face with these tariffs and it's terrible. And I wish that they would be rescinded and we go back to working well with the rest of the world and show leadership not only with strength but with our integrity and we're losing that," he added.

Trump unveiled a 10% minimum tariff on most goods imported to the United States, with much higher duties on products from dozens of countries,

Chinese imports will be hit with a 34% tariff, on top of the 20% Trump previously imposed, bringing the total new levy to 54%. Close U.S. allies were not spared, including the European Union, which faces a 20% tariff, and Japan, which is targeted for a 24% rate. The base rates go into effect on April 5 and the higher reciprocal rates on April 9.

U.S. stock futures dropped sharply after the announcement, following weeks of volatile trading as investors speculated about how the incoming tariffs might affect the global economy, inflation and corporate earnings. U.S. stocks have erased nearly $5 trillion of value since mid-February.

Production: Alexandra Sarabia, Gerardo Gome, Liliana Salgado