Donald Trump has announced sweeping new tariffs with immediate effect across the globe, with Treasury Secretary Scott Bessent warning other nations against retaliation.
On April 2, Trump declared the start of what he called the United States’ “Liberation Day,” unveiling new tariffs on foreign-made automobiles worldwide, as well as a baseline tariff on nearly all imported goods.
As of midnight, a 25 percent tariff has been imposed on all foreign-made cars. Trump criticized countries like Thailand, India, and Vietnam, where tariffs on U.S. imports have reached as high as 75 percent, compared to the 2.5 percent tariff the U.S. previously charged. He also emphasized that this move was necessary to address what he termed as unfair trade practices.
In addition to the automobile tariffs, Trump revealed a 10 percent baseline tariff on all goods entering the U.S., effective at 12:01 a.m. ET on April 9, with exceptions for countries that comply with the USMCA free trade agreement between the U.S., Mexico, and Canada.
Countries that do not comply with the USMCA will face a 25 percent tariff, while imports from the UK will be subject to a 10 percent tariff, and goods from the EU will face a 20 percent tariff.
CNN reports that Bessent urged trading partners to avoid retaliatory tariffs, cautioning, “Doing anything rash would be unwise.” He added, “Take a deep breath and don’t immediately retaliate. Let’s see how this plays out, because if retaliation starts, we risk escalation.”
In his address, Trump lashed out at both allies and adversaries, accusing them of “looting, pillaging, raping and plundering” the U.S. economy. He highlighted how American workers—steelworkers, autoworkers, farmers, and craftsmen—have been taken advantage of for decades. Reflecting on the past, he lamented that the country no longer has the “American dream” that it once did.
Trump then stated his position: “They do it to us, and we do it to them. Doesn’t get much simpler than that.”
He also expressed that the U.S. had been harmed more by its allies than by its enemies, framing the new tariffs as part of a broader effort to reclaim economic independence for the country.
“This is Liberation Day,” Trump declared. “April 2, 2025, will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed, and the day we began to ‘Make America Wealthy Again.'”
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