US President Donald Trump has declared today as “Liberation Day,” as he prepares to announce new reciprocal tariffs on various countries. Trump’s decision to impose these tariffs stems from his belief that the US is being treated unfairly in global trade, with other countries imposing higher tariffs on American goods than the US does on theirs.
The president’s “America First” economic policy aims to level the playing field by matching the tariffs that other countries apply to US products. Trump hopes that these reciprocal tariffs will not only reduce the country’s trade deficit but also boost the competitiveness of US manufacturers. However, economists warn that the tariffs could lead to higher consumer prices for imported goods, potentially stoking inflation.
As the world awaits the details of the new tariffs, major economies have vowed to retaliate. The European Union, Canada, Australia, and other top exporters are preparing to take action in response to Trump’s decision. In a bid to counter the US, China, Japan, and South Korea are accelerating talks on a free trade agreement, while Vietnam has announced plans to lower tariffs on certain goods to appease Trump.
The repercussions of Trump’s tariff announcement are expected to have far-reaching effects on global trade and economic policies. It remains to be seen how other countries will respond to these new measures and what impact they will have on the US economy. Stay tuned for more updates on this developing story.
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Video “Live: Donald Trump promises major economic announcements for US 'Liberation Day' | DW News” was uploaded on 04/02/2025 to Youtube Channel DW News