President Trump to Announce Sweeping 'Liberation Day' Tariffs Today
The tariffs, including a 25% auto import duty starting April 3, aim to address trade imbalances but face widespread concerns over inflation, economic slowdown, and global retaliation.
- President Trump will unveil 'reciprocal tariffs' later today, with duties immediately taking effect on most imports and a 25% auto tariff set for April 3, 2025.
- The White House describes the tariffs as a strategy to align U.S. import duties with those of other nations, reduce the trade deficit, and boost domestic manufacturing.
- Economists warn the measures could lead to higher consumer prices, disproportionately affecting low- and middle-income Americans, and potentially slowing economic growth.
- Major U.S. trading partners, including Canada, China, and the European Union, have threatened retaliatory tariffs, raising fears of a global trade war.
- Markets have been volatile leading up to the announcement, with declining stock indices, record-high gold prices, and businesses delaying investments due to uncertainty.
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