President Donald Trump’s announcement of sweeping new tariffs on foreign imports, dubbed “Liberation Day,” is shaking up the global economic landscape and drawing sharp reactions from both domestic and international leaders.
On April 2, 2025, during a ceremony at the White House, Trump outlined plans for a baseline 10% tariff on all imported goods, effective immediately. In addition to the base tariff, the U.S. will impose customized rates on countries that have higher tariffs on American goods, starting April 9. Trump claimed these tariffs are designed to counteract unfair trade practices that have been harming the U.S. economy for decades.
“We’re not asking for full reciprocity — but we are demanding fairness,” Trump said during the event. He noted that the tariffs would be lower than what other nations charge the U.S., stressing that the measures were a “generous” response, intended to protect American workers while leveling the playing field.
Targeted Countries and Industries
While the tariffs will affect a wide range of goods, countries like China, Vietnam, and Sri Lanka will see some of the highest duties, with rates reaching as high as 49%. Other countries, including Japan, South Korea, and India, face tariffs ranging from 20% to 46%. These duties are expected to impact sectors from electronics to wine, with high-profile goods like iPhones, which are largely manufactured in China, expected to see price hikes.
Economists warn that these tariffs may lead to higher prices for American consumers and could disrupt global supply chains. Despite this, Trump’s administration argues that the long-term benefits will outweigh the immediate costs by bringing jobs back to U.S. shores.
Political and Global Reactions
Trump’s tariff plan has faced opposition from lawmakers across the political spectrum, with concerns that these tariffs could escalate into a trade war, further hurting the U.S. economy. The Senate recently passed a resolution that could rescind the emergency declaration used to justify certain tariffs, though its future in the Republican-controlled House remains uncertain.
Globally, allies such as Canada and Australia have expressed concerns, with Canadian Prime Minister Mark Carney calling the tariffs “negative” for the U.S. economy. Australian Prime Minister Anthony Albanese similarly criticized the move, describing it as “not the act of a friend.”
In response, U.S. Treasury Secretary Scott Bessent warned other countries not to retaliate, cautioning that any escalation would lead to further U.S. action.
For a deeper look at Trump’s tariff plan, click here.