After weeks of turmoil in the White House and public anxiety, the President of the United States, Donald Trump, is announcing a series of tariffs, self-described as "reciprocal," affecting both allied and enemy countries. The new tariffs, applied on what Trump has called the "Day of Liberation," aim to boost the U.S. manufacturing industry and punish other countries for what he believes are years of unfair trade practices. However, according to most economists, this risky measure threatens to plunge the economy into a recession and shatter decades-old alliances.
Trump's announcement comes on the day that the publication Politico reported that Elon Musk will step aside in a few weeks, focusing on his businesses and distancing himself from the Trump administration, maintaining a secondary role. According to the publication, Musk has gone from being a unique asset to a growing problem for the administration.
During this second term, Trump has increased tariffs on products from China, a portion from Mexico and Canada, his partners in the North American Free Trade Agreement (NAFTA), and on steel and aluminum regardless of their origin.
"The EU has ripped us off. We will charge them 20%, half of what they have charged us"
Donald Trump, holding a chart with country rankings, has started to announce the "reciprocal" tariffs he will impose on other countries. The EU ranks second, after China. According to Trump, the EU charges the U.S. 39% in tariffs, "we will charge them 20%, half of what they have charged us."
Donald Trump confirms 25% tariffs on the import of foreign vehicles starting midnight
The President of the United States, Donald Trump, confirmed on Wednesday on what he dubbed as the 'Day of Liberation' a 25% tariff on the import of foreign cars starting midnight with the aim of making "America great again" and revitalizing the country's industrial sector.
"For decades, our country has been plundered and violated by nations near and far, both friends and enemies," he stated from the White House garden.
"Steelworkers, auto workers, farmers, and skilled craftsmen [...] have truly suffered, witnessing with anguish how foreign leaders have stolen our jobs, how foreign cheats have looted our factories, and how foreign vultures have destroyed our once beautiful American dream," he added.
During his speech, the President accused countries like South Korea, Japan, Vietnam, Thailand, or India of implementing non-tariff measures, such as subsidizing their industries or lowering production standards to enhance the competitiveness of their exports.
Wall Street closes higher ahead of Trump's tariff wave
The New York Stock Exchange ended Wednesday positively, despite opening lower, indicating that investors are hopeful that Donald Trump's wave of new tariffs will be less severe than expected.
The Dow Jones gained 0.56%, the Nasdaq index advanced 0.87%, and the broader S&P 500 index rose by 0.67%.
Trump declares the "economic independence" of the U.S. before announcing his tariffs
The U.S. President, Donald Trump, declared on Wednesday the "economic independence" of the United States at a major event in the Rose Garden of the White House, where he is set to announce a new round of tariffs that could impact global trade.
"This is one of the most important days, in my opinion, in the history of the United States. It is our declaration of economic independence," stated Trump, who has named this day as the "day of liberation" for the United States. "With today's measures, we will also support our ranchers and farmers."
Trump lists a series of "attacks" the U.S. has faced
"American workers have been left behind while other nations enriched themselves at our expense," states the U.S. President. "Many times the friend is worse than the enemy in industrial matters."
"Dear compatriots: today is the day of liberation"
Trump began his highly anticipated speech in the White House gardens with a statement: "Dear compatriots: today is the Day of Liberation. April 2, 2025, will be remembered as the day when the U.S. industry was reborn. The day when we make America rich again."