Donald Trump's Liberation Day speech

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Liberation Day speech
Part of Tariffs in the second Trump administration
Trump showing a chart with reciprocal tariffs (cropped).jpg
During his announcement speech, Trump displayed a chart detailing claimed tariffs levied against the United States and retaliatory tariffs that he would issue in turn.
DateApril 2, 2025 (2025-04-02)
Duration53 minutes
Venue White House Rose Garden
Location Washington D.C., United States
Participants Donald Trump
Footage C-SPAN

On April 2, 2025, United States president Donald Trump held a White House Rose Garden ceremony, dubbed as the "Liberation Day" speech, where Trump revealed a comprehensive trade policy overhaul that significantly altered the United States' economic relationships with global trading partners. It represented the culmination of Trump's promised "reciprocal tariff" strategy, which he had described as necessary to correct what he characterized as decades of unfair trading relationships that disadvantaged American manufacturers and workers. He dubbed April 2 as "Liberation Day" and "one of the most important days in American history". [1] During the event, Trump signed Executive Order 14257, which outlined extensive global tariff policies which he described as the United States' "declaration of economic independence".

Contents

The announcement of the order marked the beginning of a global trade war between the United States and the rest of the world, and triggered a global stock market crash.

Background

Prior to the "Liberation Day" announcement, Trump had implemented several tariff policies since returning to office in January 2025. These included duties on steel and aluminum imports, as well as tariffs targeting specific countries such as China, Canada, and Mexico. The administration had also announced a 25% tariff on imported automobiles and automotive parts scheduled to take effect at midnight on April 3, 2025. These previous measures had already increased the average U.S. tariff rate to approximately 12%, the highest level since World War II according to Deutsche Bank Research. [1] [2]

Tariff announcement

In the White House Rose Garden address on April 2, 2025, Trump declared that April 2 was "Liberation Day," describing the announcement as "one of the most important days in American history" and "our declaration of economic independence." The president unveiled a two-tier tariff structure: a baseline 10% tariff applied universally to imports from all countries with the exception of Canada and Mexico, and additional country-specific "reciprocal" tariffs based on what the administration deemed unfair trade practices by approximately 60 individual nations. [1] [3] The 10% baseline tariff would begin at 12:01 a.m. EDT on April 5, 2025 (04:01 UTC), while the higher country-specific rates would commence at 12:01 a.m. EDT on April 9, 2025. [3]

Trump declared a national emergency to address what he described as a "large and persistent U.S. trade deficit", enabling him to invoke the IEEPA to impose a 10% tariff on all imports to the US, effective April 5, 2025. [4] He also announced higher tariffs on approximately 60 countries and territories set to begin April 9. [5] The White House confirmed that these tariffs would be applied in addition to existing measures on Chinese imports, resulting in an effective tariff rate of 54% on Chinese goods after April 9, 2025. [6]

The tariffs would apply to more than 100 trading partners. However, they would not impact products already subject to previous tariff actions, including steel, aluminum, vehicles, and vehicle parts. Energy products and certain minerals "not available in the United States" were also exempted. [1]

Among the highest tariff rates announced included: [1] [2] [7]

Among the lowest:

The $800 de minimis threshold for duty-free imports from China was eliminated, with plans to eliminate this threshold for other countries once administrative capacity was established. [8] The elimination of this exemption would take effect on May 2, 2025. [3]

Speech

Footage of the speech

During the speech, Trump framed the tariffs as being in response to a "national emergency," asserting they would boost domestic production and create American jobs. He stated, "We're going to start being smart, and we're going to start being very wealthy again," claiming the new policy would generate "trillions and trillions of dollars to reduce our taxes and pay down our national debt." [1] He cited a US$1.2 trillion trade deficit from the previous year as evidence of unfair global trading practices. [8]

The president characterized his approach to the tariff implementation as "kind," explaining that the government would only charge other countries half of what administration calculations suggested he should apply based on the trade practices of the impacted nations. When describing the rates during his speech, Trump displayed a chart showing reciprocal tariff rates for U.S. trading partners. Associated White House materials indicated that calculations included assessments of "currency manipulation and trade barriers" imposed by other countries, though the specific formula was not disclosed. [1] [3] He offered trading partners a straightforward alternative: "Terminate your own tariffs. Drop your barriers." and summarized his tariff policy as: "If you want your tariff rate to be zero, then you build your product right here in America." [3]

List of tariffs imposed

2025-April-02-so-called-Reciprocal tariffs.jpg
2025-April-02-Reciprocal tariffs-List 2.jpg
2025-April-02-Reciprocal tariffs-List 3.jpg
2025-April-02-Reciprocal tariffs-List 4.jpg
Tables of all countries and territories affected and associated tariff rates. Note that the amounts listed as "Tariffs charged to the USA" are disputed by most economists, for instance, Heard Island and McDonald Islands, which are uninhabited. [9]
Map of countries and territories affected by and percentages of the Liberation Day tariffs Liberation Day tariffs.svg
Map of countries and territories affected by and percentages of the Liberation Day tariffs
Countries and territories affected by and percentages of the Liberation Day tariffs [10]
Countries and Territories imposed uponPercentage
Flag of the Taliban.svg  Afghanistan 10%
Flag of Albania.svg  Albania 10%
Flag of Algeria.svg  Algeria 30%
Flag of Andorra.svg  Andorra 10%
Flag of Angola.svg  Angola 32%
Flag of Anguilla.svg  Anguilla 10%
Flag of Antigua and Barbuda.svg  Antigua and Barbuda 10%
Flag of Argentina.svg  Argentina 10%
Flag of Armenia.svg  Armenia 10%
Flag of Aruba.svg  Aruba 10%
Flag of Australia (converted).svg  Australia 10%
Flag of Azerbaijan.svg  Azerbaijan 10%
Flag of the Bahamas.svg  The Bahamas 10%
Flag of Bahrain.svg  Bahrain 10%
Flag of Bangladesh.svg  Bangladesh 37%
Flag of Barbados.svg  Barbados 10%
Flag of Belize.svg  Belize 10%
Flag of Benin.svg  Benin 10%
Flag of Bermuda.svg  Bermuda 10%
Flag of Bhutan.svg  Bhutan 10%
Flag of Bolivia.svg  Bolivia 10%
Flag of Bosnia and Herzegovina.svg  Bosnia and Herzegovina 35%
Flag of Botswana.svg  Botswana 37%
Flag of Brazil.svg  Brazil 10%
Flag of the Commissioner of the British Indian Ocean Territory.svg  British Indian Ocean Territory 10%
Flag of the British Virgin Islands.svg  British Virgin Islands 10%
Flag of Brunei.svg  Brunei 24%
Flag of Burundi.svg  Burundi 10%
Flag of Cape Verde.svg  Cabo Verde 10%
Flag of Cambodia.svg  Cambodia 49%
Flag of Cameroon.svg  Cameroon 11%
Flag of the Cayman Islands.svg  Cayman Islands 10%
Flag of the Central African Republic.svg  Central African Republic 10%
Flag of Chad.svg  Chad 13%
Flag of Chile.svg  Chile 10%
Flag of the People's Republic of China.svg  China 105%
Flag of Christmas Island.svg  Christmas Island 10%
Flag of the Cocos (Keeling) Islands.svg  Cocos (Keeling) Islands 10%
Flag of Colombia.svg  Colombia 10%
Flag of the Comoros.svg  Comoros 10%
Flag of the Cook Islands.svg  Cook Islands 10%
Flag of Costa Rica.svg  Costa Rica 10%
Flag of Cote d'Ivoire.svg  Côte d'Ivoire 21%
Flag of Curacao.svg  Curaçao 10%
Flag of the Democratic Republic of the Congo.svg  Democratic Republic of the Congo 11%
Flag of Djibouti.svg  Djibouti 10%
Flag of Dominica.svg  Dominica 10%
Flag of the Dominican Republic.svg  Dominican Republic 10%
Flag of Ecuador.svg  Ecuador 10%
Flag of Egypt.svg  Egypt 10%
Flag of El Salvador.svg  El Salvador 10%
Flag of Equatorial Guinea.svg  Equatorial Guinea 13%
Flag of Eritrea.svg  Eritrea 10%
Flag of Eswatini.svg  Eswatini 10%
Flag of Ethiopia.svg  Ethiopia 10%
Flag of Europe.svg  European Union 20%
Flag of the Falkland Islands.svg  Falkland Islands 41%
Flag of Fiji.svg  Fiji 32%
Flag of France.svg  French Guiana 10%
Flag of French Polynesia.svg  French Polynesia 10%
Flag of Gabon.svg  Gabon 10%
Flag of The Gambia.svg  The Gambia 10%
Flag of Georgia.svg  Georgia 10%
Flag of Ghana.svg  Ghana 10%
Flag of Gibraltar.svg  Gibraltar 10%
Flag of Grenada.svg  Grenada 10%
Flag of France.svg  Guadeloupe 10%
Flag of Guatemala.svg  Guatemala 10%
Flag of Guinea-Bissau.svg  Guinea-Bissau 10%
Flag of Guinea.svg  Guinea 10%
Flag of Guyana.svg  Guyana 38%
Flag of Haiti.svg  Haiti 10%
Flag of Australia (converted).svg  Heard and McDonald Islands 10%
Flag of Honduras.svg  Honduras 10%
Flag of Iceland.svg  Iceland 10%
Flag of India.svg  India 26%
Flag of Indonesia.svg  Indonesia 32%
Flag of Iran.svg  Iran 10%
Flag of Iraq.svg  Iraq 39%
Flag of Israel.svg  Israel 17%
Flag of Jamaica.svg  Jamaica 10%
Flag of Japan.svg  Japan 24%
Flag of Jordan.svg  Jordan 20%
Flag of Kazakhstan.svg  Kazakhstan 27%
Flag of Kenya.svg  Kenya 10%
Flag of Kiribati.svg  Kiribati 10%
Flag of Kosovo.svg  Kosovo 10%
Flag of Kuwait.svg  Kuwait 10%
Flag of Kyrgyzstan.svg  Kyrgyzstan 10%
Flag of Laos.svg  Laos 48%
Flag of Lebanon.svg  Lebanon 10%
Flag of Lesotho.svg  Lesotho 50%
Flag of Liberia.svg  Liberia 10%
Flag of Libya.svg  Libya 31%
Flag of Liechtenstein.svg  Liechtenstein 37%
Flag of Madagascar.svg  Madagascar 47%
Flag of Malawi.svg  Malawi 17%
Flag of Malaysia.svg  Malaysia 24%
Flag of Maldives.svg  Maldives 10%
Flag of Mali.svg  Mali 10%
Flag of the Marshall Islands.svg  Marshall Islands 10%
Flag-of-Martinique.svg  Martinique 10%
Flag of Mauritania.svg  Mauritania 10%
Flag of Mauritius.svg  Mauritius 40%
Flag of France.svg  Mayotte 10%
Flag of the Federated States of Micronesia.svg  Micronesia 10%
Flag of Moldova.svg  Moldova 31%
Flag of Monaco.svg  Monaco 10%
Flag of Mongolia.svg  Mongolia 10%
Flag of Montenegro.svg  Montenegro 10%
Flag of Montserrat.svg  Montserrat 10%
Flag of Morocco.svg  Morocco 10%
Flag of Mozambique.svg  Mozambique 16%
Flag of Myanmar.svg  Myanmar 44%
Flag of Namibia.svg  Namibia 21%
Flag of Nauru.svg  Nauru 30%
Flag of Nepal.svg    Nepal 10%
Flag of New Zealand.svg  New Zealand 10%
Flag of Nicaragua.svg  Nicaragua 18%
Flag of Niger.svg  Niger 10%
Flag of Nigeria.svg  Nigeria 14%
Flag of Norfolk Island.svg  Norfolk Island 29%
Flag of North Macedonia.svg  North Macedonia 33%
Flag of Norway.svg  Norway 15%
Flag of Oman.svg  Oman 10%
Flag of Pakistan.svg  Pakistan 29%
Flag of Panama.svg  Panama 10%
Flag of Papua New Guinea.svg  Papua New Guinea 10%
Flag of Paraguay.svg  Paraguay 10%
Flag of Peru.svg  Peru 10%
Flag of the Philippines.svg  Philippines 17%
Flag of Qatar.svg  Qatar 10%
Flag of the Republic of the Congo.svg  Republic of the Congo 10%
Flag of France.svg  Réunion 37%
Flag of Rwanda.svg  Rwanda 10%
Flag of Saint Helena.svg  Saint Helena 10%
Flag of Saint Kitts and Nevis.svg  Saint Kitts and Nevis 10%
Flag of Saint Lucia.svg  Saint Lucia 10%
Flag of France.svg  Saint Pierre and Miquelon 50%
Flag of Saint Vincent and the Grenadines.svg  Saint Vincent and the Grenadines 10%
Flag of Samoa.svg  Samoa 10%
Flag of San Marino.svg  San Marino 10%
Flag of Sao Tome and Principe.svg  São Tomé and Príncipe 10%
Flag of Saudi Arabia.svg  Saudi Arabia 10%
Flag of Senegal.svg  Senegal 10%
Flag of Serbia.svg  Serbia 37%
Flag of Sierra Leone.svg  Sierra Leone 10%
Flag of Singapore.svg  Singapore 10%
Flag of Sint Maarten.svg  Sint Maarten 10%
Flag of the Solomon Islands.svg  Solomon Islands 10%
Flag of South Africa.svg  South Africa 30%
Flag of South Korea.svg  South Korea 25%
Flag of South Sudan.svg  South Sudan 10%
Flag of Sri Lanka.svg  Sri Lanka 44%
Flag of Sudan.svg  Sudan 10%
Flag of Suriname.svg  Suriname 10%
Flag of Norway.svg  Svalbard and Jan Mayen 10%
Flag of Switzerland (Pantone).svg   Switzerland 31%
Flag of the Syrian revolution.svg  Syria 41%
Flag of the Republic of China.svg  Taiwan 32%
Flag of Tajikistan.svg  Tajikistan 10%
Flag of Tanzania.svg  Tanzania 10%
Flag of Thailand.svg  Thailand 36%
Flag of East Timor.svg  Timor-Leste 10%
Flag of Togo (3-2).svg  Togo 10%
Flag of Tokelau.svg  Tokelau 10%
Flag of Tonga.svg  Tonga 10%
Flag of Trinidad and Tobago.svg  Trinidad and Tobago 10%
Flag of Tunisia.svg  Tunisia 28%
Flag of Turkey.svg  Turkey 10%
Flag of Turkmenistan.svg  Turkmenistan 10%
Flag of the Turks and Caicos Islands.svg  Turks and Caicos Islands 10%
Flag of Tuvalu.svg  Tuvalu 10%
Flag of Uganda.svg  Uganda 10%
Flag of Ukraine.svg  Ukraine 10%
Flag of the United Arab Emirates.svg  United Arab Emirates 10%
Flag of the United Kingdom.svg  United Kingdom 10%
Flag of Uruguay.svg  Uruguay 10%
Flag of Uzbekistan.svg  Uzbekistan 10%
Flag of Vanuatu.svg  Vanuatu 22%
Flag of Venezuela.svg  Venezuela 15%
Flag of Vietnam.svg  Vietnam 46%
Flag of Yemen.svg  Yemen 10%
Flag of Zambia.svg  Zambia 17%
Flag of Zimbabwe.svg  Zimbabwe 18%

Tariff responses

Financial markets

Financial markets generally responded negatively to the announcement. S&P 500 index futures, which had gained 0.7% during normal trading hours, tumbled more than 3% following Trump's announcement. Similarly, Japanese Nikkei 225 futures fell approximately 2%. [1]

Financial analysts expressed surprise at the tariffs' magnitude. Head of macro strategy at Academy Securities Peter Tchir described the rates as "shockingly high compared to what people were expecting" and called the announcement "a disaster". Others suggested the high rates might represent an opening position for subsequent negotiations rather than permanent policy. [1]

Domestic

Outside the White House gates following the ceremony, protestors gathered with signs depicting the Mr. Monopoly character and messages criticizing the policy as "liberating" money from consumers' wallets to benefit wealthy interests. [1]

Senate Democrats voiced opposition to the tariffs. Oregon Senator Ron Wyden characterized them as "a tax on almost everything families buy" that "won't rebuild American manufacturing or help working families get ahead." [1]

Representative Suzan DelBene (D-WA-01), chair of the Democratic Congressional Campaign Committee, characterized the tariffs as part of broader "chaos and dysfunction" and argued that the president should not have unilateral authority to impose such measures. [8]

Republican leadership generally supported the president's tariff actions, while acknowledging potential short-term economic disruption. Speaker of the House Mike Johnson (R-LA-04) expressed confidence that despite initial difficulties, the policy would ultimately "make sense for Americans and help all Americans." [8]

New York governor Kathy Hochul called the impending tariffs "nothing but a reckless tax on hard-working New Yorkers" that would severely damage the state's economy, particularly businesses dependent on Canadian tourism. [1]

Former Vice President Mike Pence, who served in Trump's first presidency, criticized the tariffs as the "largest peacetime tax hike in U.S. history". He also stated that they are "nearly 10x the size of those imposed during the Trump-Pence administration and will cost American families over $3,500 per year". [11]

The Washington Post reported that Elon Musk made personal appeals to Trump to reverse the tariffs. [12] On April 5, Musk criticized Peter Navarro, Trump's trade advisor and one of the key official behind the tariffs, questioning his educational qualifications from Harvard on X and writing "He ain’t built shit." [13] Navarro responded by saying Musk is not a "car manufacturer". In response, on April 8, Musk called Navarro "a moron" and "dumber than a sack of bricks", and said he should consult "the fake expert he invented, Ron Vara". [14]

Business organizations

American experts and business organizations raised concerns about potential inflationary effects and supply chain disruptions. The National Retail Federation issued a statement warning that the tariffs would "cause more anxiety and uncertainty for American businesses and consumers," emphasizing that U.S. importers, not foreign countries or suppliers, would bear the initial financial burden. [1]

The National Association of Manufacturers expressed concern that the large scale of the tariffs would threaten jobs, supply chains, investment, which in turn would threaten "America's ability to outcompete other nations and lead as the preeminent manufacturing superpower." [1]

The National Restaurant Association similarly predicted that tariffs at the scale they were presented would create "change and disruption" restaurant owners would have difficulty with bearing to keep their businesses open, noting that food and packaging costs would likely increase. [1]

Economic experts from the libertarian Cato Institute think tank warned that the tariff levels approached those of the 1930 Smoot–Hawley Tariff Act, legislation widely believed to have exacerbated the Great Depression. [8]

International

References

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  10. ANNEX I (PDF). White House. April 2, 2025. Archived from the original on April 2, 2025.{{cite book}}: CS1 maint: date and year (link)
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