President Trump declared new tariffs on April 2, 2025, referring to the day as “Liberation Day.” All imports were subject to a 10% universal tariff, with the rates for the 60 “worst offenders” being higher.
Notably, South Africa has a 30% tariff, Vietnam has a 46% tariff, China has a 34% tariff, and Japan has a 24% tariff, for a total tariff of 54%. Trump vowed to “Make America Wealthy Again” and proclaimed this the day that American industry was revitalized.
Financial chaos resulted from the tariffs, as the Dow, S&P 500, and Nasdaq all saw sharp declines. Former President Obama was among the critics who voiced worries about the administration’s overall governance and the economic ramifications. Obama chastised the government’s strategy and warned that the new policies would hurt the American economy.
to legal counsel and freedom of expression. Chuck Schumer, the Senate minority leader, expressed concerns as well, saying that a recession could result from Trump’s unpredictable policies.
China responded by declaring a 34% retaliatory tariff on all U.S. imports, denouncing the U.S. actions as “unilateral bullying” that jeopardizes the stability of international trade.
