President Donald Trump has announced a broad set of sweeping tariffs Wednesday, which has been dubbed as “Liberation Day” by the White House
By: Brad Randall, Broadband Communities
Shortly after markets closed on Wednesday, President Donald Trump took to the podium to announce extensive tariffs.
“In many cases the friend is worse than the foe in terms of trade,” Trump said April 2, a day he previously hyped as a “Liberation Day.”
Trump also said the United States would begin imposing “reciprocal” tariffs on Thursday, including 34 percent tariffs on imports from China, 20 percent on the European Union, 10 percent on the United Kingdom, 26 percent on India, and 25 percent on South Korea.
Japanese imports will also face tariffs, Trump said, to the tune of 24 percent.
He said the U.S. would also establish a “minimum baseline” 10 percent tariff on imports from all foreign nations.
President Donald Trump speaks at the White House on Wednesday, April 2, 2025. Screenshot
“If you want your tariff rate to be zero then you build your product right here in America,” Trump said.
Tariffs billed as ‘discounted’
According to Trump, the tariffs announced Wednesday on foreign nations are reciprocal, not preemptive.
He labeled Wednesday’s tariff announcements as “discounted” and “reciprocal,” arguing that they are justified because of existing circumstances.
He said China, for instance, charges a 67 percent tariff to the United States currently, based on calculations produced by his administration.
“That’s tariffs charged to the USA, including currency manipulation and trade barriers,” he said.
Trump said his administration cut those calculations in half to arrive at tariff percentage that imports from foreign nations will be charged.
“They charge us, we charge them,” he said. “We charge them less, so how can anybody be upset.”
Other nations to face Trump’s “discounted reciprocal tariffs” included Israel, at 17 percent, Cambodia, at 49 percent, Indonesia, at 32 percent, and Taiwan, at 32 percent, to name a few.
Other tariffs announced
*(incomplete list)South Africa – 30%
Brazil – 10%
Bangladesh – 37%
Singapore – 10%
The Philippines – 17%
Chile – 10%
Pakistan – 29%
Sri Lanka – 44%
Vietnam – 46%
A fact sheet released Wednesday from the White House has argued in favor of the effectiveness of tariffs.
“Despite the rhetoric from politicians and the media, studies have repeatedly shown tariffs are an effective tool for achieving economic and strategic objectives — just as they did in President Trump’s first term,” the fact sheet stated.
In his remarks, Trump downplayed criticisms of his tariff policies.
He said Apple, SoftBank, Open AI, Oracle, Nvidia, and Tiawanese semiconductor manufacturer TSMC are among companies making sizable investments in the United States during his second term.
Trump also predicted outrage from “globalists” and “outsourcers” following his announcement.
Another tariff announcement from Trump has included a 25 percent tariff on all foreign auto imports.
Since the announcement on Wednesday afternoon, stock futures have tumbled, according to CNN.
The tariffs announced Wednesday also join existing duties, imposed on imports from Canada, China, and Mexico last month.
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