Donald Trump's Liberation Day Speech Unveils Sweeping Tariffs

On April 2, 2025, President Donald Trump addressed the nation from the White House Rose Garden, declaring the day as "Liberation Day." In his speech, he announced a two-tier tariff system: a universal 10% tariff on all imports (except those from Canada and Mexico) that takes effect at 12:01 a.m. EST on April 5, 2025, and additional, country-specific tariffs on approximately 60 nations based on perceived unfair trade practices, set to begin on April 9, 2025. The president characterized the announcement as "one of the most important days in American history" and a bold declaration of economic independence, further empowered by a national emergency declaration under the IEEPA to combat what he described as a large and persistent U.S. trade deficit.

Additional details have emerged that indicate some tariffs could reach considerably higher rates, with Chinese imports effectively facing a 54% duty after April 9, and specific rates such as 49% for Cambodia, 46% for Vietnam, and 44% for Sri Lanka. While targeting trade imbalances, the policy excludes goods already subject to earlier tariff measures—including steel, aluminum, vehicles, and parts—as well as certain energy products and minerals. Critics and market analysts have raised concerns about potential global trade tensions and retaliation, which could exacerbate existing economic challenges.