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3w ago

Trump's 'Liberation Day' Tariffs Poised to Reshape Global Trade Tomorrow

Set to impose sweeping 20-25% duties on all imports, the tariffs mark the most extensive trade measures in U.S. history, sparking fears of a global trade war and economic disruption.

Will your cars get costlier after Trump tariffs kick in? (AP/PTI) (AP04_01_2025_000020A)
European Commission president Ursula von der Leyen addresses European Parliament members on new plans to ramp up defense spending agreed at last week's summit, Tuesday, March 11, 2025 at the European Parliament in Strasbourg, eastern France. (AP Photo/Pascal Bastien)
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Overview

  • President Donald Trump will announce 'Liberation Day' tariffs on April 2, imposing 25% duties on automobile imports and 20% on most other imports without exemptions.
  • The tariffs target all nations, including key trading partners like the EU, China, Japan, and South Korea, which have announced plans for retaliation.
  • Economists warn the tariffs could lead to higher inflation, potential recession, and significant disruptions in global trade and manufacturing supply chains.
  • The S&P 500 has experienced its worst quarter since 2022, reflecting market volatility and uncertainty over the tariffs' economic impact.
  • The European Union and other nations have prepared strong countermeasures, with the EU planning $28 billion in retaliatory tariffs set to take effect in mid-April.