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On the so-called “Liberation Day,” the U.S. president imposed tariffs on products from countries that also impose high tariffs on U.S. goods. “They charge us, we charge them,” he said. But how might this impact the country?
U.S. President Donald Trump announced on Wednesday the imposition of “reciprocal” tariffs against dozens of countries, including the world’s largest economies, accusing them of unfair trade practices against the United States.
The tariff measures, announced in a speech from the White House Rose Garden on what Trump described as “Liberation Day,” include a minimum 10% duty on all imports into the United States, targeting countries that impose high tariffs on U.S. goods entering their markets.
While economists warn that prices will rise for consumers purchasing imported goods, the president insists that the measures will strengthen the domestic economy and that tax cuts will increase purchasing power.
The tariffs will be implemented in two phases: a minimum 10% tariff will take effect this Friday, April 5, while country-specific tariffs will be enforced on April 9.
Although economists’ initial reaction was to warn that this would increase prices within the United States, the president’s goal is to “revitalize” local industry and implement a domestic tax relief plan to ease the financial burden on citizens.
This is our declaration of economic independence”
The president presented a chart outlining tariffs exceeding 10% for dozens of countries, including the European Union (20%) and China (34%), arguing that both impose double those rates on U.S. products.
Canada and Mexico, the United States’ main trading partners, are notably absent from the list, as the White House stated they are exempt from the reciprocal tariffs.
However, they will not be exempt from the 25% tariff on all foreign-manufactured automobiles, which was announced last week and confirmed by Trump on Wednesday, taking immediate effect.
The president argued that the tariffs are a response to the direct and indirect taxes that other countries impose on U.S. goods.
“They charge us, we charge them. How can anyone be upset?” he said, displaying a chart with the tariffs imposed by other countries on the United States.
“This is our declaration of economic independence,” declared the U.S. president.
Higher-Than-Expected Tariffs
The tariffs announced by Trump are higher than analysts expected, and they warn that these measures increase the risk of a recession for both the U.S. and its trading partners in the coming months.
In 2024, the United States recorded a trade deficit of $918 billion, a 17% increase from the previous year. Trump described this as “a national emergency that threatens our security and way of life.”
How the Tariffs Work
The chart Trump used to explain the new tariffs lists countries in two columns: the first includes “tariffs applied to the U.S., including currency manipulation and trade barriers,” while the second shows the new tariffs imposed by Washington as announced on Wednesday.
According to the list, China applies a 67% tariff on U.S. goods, so it will be subject to a 34% tariff in return.
The new tariffs for other countries are:
United Kingdom: 10%
European Union: 20%
Japan: 24%
South Korea: 25%
India: 26%
Trump, who accuses these allied countries of imposing excessively high trade barriers on U.S. goods, argued that when it comes to trade, sometimes “a friend is worse than an enemy.”
Vietnam and Cambodia, two countries with a large concentration of manufacturing in East Asia, will face tariffs of 46% and 49%, respectively.
The list does not include Cuba, which has been under a U.S. trade embargo for decades, nor Russia, Belarus, and North Korea, which face significant U.S. sanctions limiting trade.
Latin America, No Discounts
The list includes all Latin American countries except Cuba and Mexico. The latter is part of the USMCA free trade agreement with the U.S. and Canada.
The White House later clarified that for Mexico and Canada, previous executive orders remain in effect, meaning that:
Products covered under the free trade agreement will continue to have a 0% tariff.
Products not covered will be subject to a 25% tariff.
Energy and potash products not covered will have a 10% tariff.
Additionally, if these executive orders are repealed, “products complying with the USMCA will continue to receive preferential treatment, while non-compliant products will be subject to a reciprocal tariff of 12%.”
For the rest of Latin America, most countries received the minimum 10% tariff set by Trump. These include Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Panama, Paraguay, Peru, the Dominican Republic, and Uruguay.
Exceptions are Nicaragua, with an 18% tariff, and Venezuela, with a 15% tariff.
HAPPY LIBERATION DAY, AMERICA. 🇺🇸 pic.twitter.com/LjAUnbBXAi
— The White House (@WhiteHouse) April 2, 2025
The Auto Tariff
Regarding the 25% tariff on imported automobiles, Trump argued that it aims to boost the struggling U.S. automotive industry, which has been in decline since its golden era in the second half of the 20th century.
The president suggested that this measure is a response to the protectionist practices of other major auto-producing nations.
He claimed that in South Korea and Japan, over 80% and 90% of cars sold, respectively, are domestically manufactured, while the U.S. barely sells its vehicles there.
“Ford sells very little” abroad, and this imbalance has “devastated” American industries, Trump asserted.
Since taking office in January, Trump has repeatedly threatened tariffs, already imposing duties on aluminum and various products from China, Canada, and Mexico, among others.
His administration believes these measures will stimulate domestic production, create jobs in the manufacturing sector, and generate approximately $600 billion in annual revenue, according to White House trade advisor Peter Navarro.
However, most analysts warn that Trump’s tariffs could have negative consequences, such as increasing the cost of living for American households and posing a serious risk of recession for the economy.
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