Trump's SHOCKING 'Liberation Day' Tariff Plan: What You NEED to Know!

2025-04-01 06:00:45.512

President Donald Trump's escalating trade war reaches a critical point on April 2nd, dubbed "Liberation Day." Trump plans to unveil reciprocal tariffs on numerous American trading partners, aiming to counter foreign duties and reduce US reliance on imported goods. While White House Press Secretary Karoline Leavitt confirmed the announcement, specifics remain undisclosed. The tariffs' implementation method (product-specific or across-the-board) and rates are yet to be determined, although White House trade advisor Peter Navarro suggested a potential $600 billion annual revenue, implying an average 20% rate. Targets include the European Union, South Korea, Brazil, and India. Additionally, a 25% tariff on imports from countries purchasing Venezuelan oil (including the US itself) starts April 2nd, alongside new tariffs on Venezuela. A 25% tariff on auto imports begins April 3rd, expanding to auto parts by May 3rd. Existing tariffs include a 20% levy on Chinese imports and retaliatory tariffs from China. Trump also imposed tariffs on Canadian and Mexican goods, although some were temporarily delayed until early April. Further tariffs on products like copper, lumber, and computer chips are threatened, with retaliatory measures from countries like Canada and the European Union (delayed until mid-April). Economists express concern over the potential negative economic consequences of these broad tariffs.