Trump declares “Liberation Day,” announces reciprocal tariffs

Trump announces “Liberation Day,” implementing reciprocal tariffs to revive US jobs and factories, despite automotive executives’ concerns.

In Short

Trump declared Liberation Day, announcing reciprocal tariffs to boost US jobs and industry.

He imposed a 25% tariff on foreign-made cars, despite concerns from automotive executives about potential price increases.

Trump announced significant news today, declaring it as Liberation Day.

He presented his theory that tariffs would restore a “golden age” for the US, reiterating this sentiment from his inaugural speech.

The President confirmed that his executive order will introduce reciprocal tariffs, stating, “That means they do it to us and we do it to them.”

According to Trump, this policy will result in an influx of jobs and factories returning to the US, claiming, “We will supercharge our domestic industrial base.”

He argued that reciprocal tariffs would foster stronger competition and lower prices for American consumers.

Automakers concern

However, automotive executives express concerns that these tariffs may lead to higher prices and reduced global competitiveness.

Trump cited complaints against trading partners, including currency manipulation, IP theft, and tax practices, referencing a US Trade Representative report titled “Foreign Trade Barriers.”

While Trump reiterated his grievances towards various trading partners, he provided no new details.

He confirmed that the US will impose a 25% tariff on all foreign-made automobiles at midnight.

As part of his address, Trump criticized countries like Thailand, India, and Vietnam for their perceived unfair tariff policies and tax regimes imposed on US products.