In brief ...
🇺🇸 President Trump announces a blanket 10% tariff on all imports, with much higher rates for key trade partners like China, Europe, and Japan.
📊 Tariffs framed as a “reciprocal” response to what Trump says are unfair foreign trade practices.
💬 Trump brands the move “Liberation Day” for U.S. trade, vowing it will “make America wealthy again.”
In a fiery announcement Wednesday, President Donald Trump unveiled a sweeping new trade policy, imposing a 10% tariff on all imported goods, with even higher rates targeting specific countries. Trump dubbed the moment “Liberation Day” for U.S. trade policy and said the new tariffs would restore economic power to American industry and workers.
“It can’t get any simpler than that,” Trump said as he outlined a plan for reciprocal tariffs that would mirror—or exceed—the duties imposed on U.S. goods by other nations.
Holding up a chart, which he said was too windy to place on an easel, Trump read off a list of countries and the new tariffs his administration will enforce. Among them:
China: 34%
European countries: 20%
Japan: 24%
The president described the increases as a “discounted reciprocal tariff,” saying the U.S. was showing restraint out of kindness but could go higher if provoked.
“This will make America wealthy again,” he declared, echoing themes from his prior campaigns and trade wars. The announcement signals a return to Trump's aggressive use of tariffs as a tool to reshape global commerce—a strategy that has historically sparked both praise and criticism from economists and international allies alike.
The policy is expected to trigger strong reactions from global markets and foreign governments, as well as raise questions about how it could affect inflation, supply chains, and consumer prices in the U.S.
Financial markets sank after the announcement. Shares in some of the biggest U.S. technology and consumer firms fell late. Nike slid 6%, Apple fell 5% and Amazon dropped 4%.
Further details on implementation timelines and exemptions are expected in the coming days.