Donald Trump declared a global trade war more than two months after the main event of his second presidential term. During a solemn ceremony in the Rose Garden of the White House, he declared April 2 America's "Liberation Day." He announced that he was imposing global tariffs at unprecedented levels, the last time the United States was used in the early part of the previous century.
Trump is confident that trade restrictions will force allies and opponents to make concessions, both financially and territorially. But economists warn that this decision will make life more difficult for everyone, including Americans who will pay Trump's import tax.
"Today is Liberation Day," Trump declared. "This is one of the most important days in American history, the declaration of our economic independence."
"We will make America great and strong again. Our country has been robbed for more than 50 years. It will never happen again."
By executive order, Trump has imposed "reciprocal" tariffs of 34% on China, 20% on the European Union, 24% on Japan, and 26% on India.
No country will avoid paying tariffs on its goods sold to Americans. The "basic minimum tariff" has been set at 10%. The general tariffs will take effect on April 5, with the higher rates taking effect on April 9.
