Standing in the White House Rose Garden, President Donald Trump declared what he called “Liberation Day”, announcing a raft of tariffs on U.S. trading partners — the most expansive use of trade powers in modern American history.
“Hard-working American citizens were forced to sit on the sidelines while other nations got rich… Now it’s our turn,” Trump said, holding up a chart of reciprocal levies targeting more than 60 countries.
A 10% baseline tariff on all U.S. imports takes effect this Saturday, with harsher, customised tariffs for countries with what the White House called “massive non-tariff barriers.”
White House documents list steep new tariffs, many of them on top of existing duties. Among the highest:
🇨🇳 China: 54%
🇻🇳 Vietnam: 46%
🇮🇳 India: 26%
🇹🇼 Taiwan: 32%
🇯🇵 Japan: 24%
🇰🇷 South Korea: 25%
🇪🇺 European Union: 20%
🇬🇧 United Kingdom: 10%
🇰🇭 Cambodia: 49%
Canada and Mexico are temporarily exempt from the new plan, as existing 25% tariffs tied to fentanyl and migration remain in place.
Steel, aluminium, auto parts, and pharmaceuticals already subject to tariffs will be exempt. So will energy, copper, semiconductors, and bullion not sourced domestically.
Inside Trump’s Cabinet, officials rallied around the policy.
Homeland Security Secretary Kristi Noem called it “strong action to make America safe again.”
National Security Adviser Mike Waltz echoed Trump’s framing: “Economic security is national security.”
Speaker Mike Johnson said the U.S. “will not be exploited by unfair trade practices anymore.”
But Wall Street reacted less enthusiastically.
Nasdaq futures fell 2.5%
FTSE 100 slid 0.7%
Brent crude dropped 1% before stabilising
Gold hit a new record above $3,100/oz as investors fled to safety
Auto stocks slumped across the board — Ford, GM, Stellantis and Tesla all saw losses in after-hours trading.
British officials are portraying the 10% tariff on UK exports as “a good outcome” — relieved to have avoided the harsher penalties levied on the EU.
“Nobody wants a trade war,” said Business Secretary Jonathan Reynolds, who confirmed the UK would “keep calm, keep negotiating.”
“But nothing is off the table… we will act if needed.”
Trump’s strategy is a throwback to protectionist America — invoking pre-1913 tariff policies, and blaming the Great Depression on the abandonment of that model.
“We used to be a tariff-backed nation. We were the richest we’ve ever been,” Trump said.
“This isn’t full reciprocal. This is kind reciprocal.”
But economists warn that retaliation is coming, and fast.
“This is worse than we feared,” said Mary Lovely of the Peterson Institute.
“The consequences for global trade routes could be huge.”
The Peterson Institute and other analysts expect consumer prices to rise, particularly in electronics, food, textiles, and transport. Supply chains may fragment as nations reroute trade flows away from U.S. ports.
By invoking a national emergency and using the International Emergency Economic Powers Act, Trump bypassed Congress and seized executive control over trade.
The move is both strategic and risky:
The economic pain could come fast.
The political gain, if any, could take years.
“We are being kind,” Trump said. “But if they want to lower their barriers, we’ll talk. If not, they’ll pay.”
At least three people have been killed and several others injured after an Iranian missile struck the southern Israeli city of Be'er Sheva, hitting a residential building.
Iranian state-run outlet Press TV has reported that nuclear scientist Mohammad Reza Siddiqi was assassinated in a targeted attack in northern Tehran.
At least 71 people have been killed and 20 injured in a terror attack on a village in Niger’s Tillaberi region, local media reported.
Iranian Deputy Foreign Minister Abbas Araghchi says there is no ceasefire agreement with Israel, directly rejecting U.S. President Donald Trump’s earlier claim of a truce between the two countries.
Three powerful explosions were reported early Tuesday at Al-Taji military base, about 30 kilometres north of Baghdad.
At least three people have been killed and several others injured after an Iranian missile struck the southern Israeli city of Be'er Sheva, hitting a residential building.
Iranian state-run outlet Press TV has reported that nuclear scientist Mohammad Reza Siddiqi was assassinated in a targeted attack in northern Tehran.
At least 71 people have been killed and 20 injured in a terror attack on a village in Niger’s Tillaberi region, local media reported.
Iranian Deputy Foreign Minister Abbas Araghchi says there is no ceasefire agreement with Israel, directly rejecting U.S. President Donald Trump’s earlier claim of a truce between the two countries.
Three powerful explosions were reported early Tuesday at Al-Taji military base, about 30 kilometres north of Baghdad.
Iran launched 18 ballistic missiles late Sunday targeting the U.S. military’s Al-Udeid Air Base in Qatar, the largest American installation in the Middle East.
Iranian missiles struck multiple locations across Israel and neighbouring regions early Friday morning, including a Microsoft office complex, according to emergency responders and local media reports.
A high-speed tram derailment in central Gothenburg, Sweden, has left at least eight people injured late on Thursday (19 June), after the vehicle slammed into a snack bar on Avenyn Avenue.
China has unveiled a mosquito-sized bionic drone designed for covert military operations and battlefield reconnaissance, marking a major advance in micro-robotics and stealth technology as part of the country’s growing focus on next-generation warfare capabilities.
Wizz Air has suspended all flights to and from Tel Aviv, Israel, and its European services to Amman, Jordan, effective immediately until 15 September due to escalating situation in the Middle East. Also, the air carrier temporarily suspended its flights between Astana, Kazakhstan, and Abu Dhabi.
At least three people have been killed and several others injured after an Iranian missile struck the southern Israeli city of Be'er Sheva, hitting a residential building.
Iranian state-run outlet Press TV has reported that nuclear scientist Mohammad Reza Siddiqi was assassinated in a targeted attack in northern Tehran.
At least 71 people have been killed and 20 injured in a terror attack on a village in Niger’s Tillaberi region, local media reported.
Iranian Deputy Foreign Minister Abbas Araghchi says there is no ceasefire agreement with Israel, directly rejecting U.S. President Donald Trump’s earlier claim of a truce between the two countries.
Three powerful explosions were reported early Tuesday at Al-Taji military base, about 30 kilometres north of Baghdad.
At least three people have been killed and several others injured after an Iranian missile struck the southern Israeli city of Be'er Sheva, hitting a residential building.
Iranian state-run outlet Press TV has reported that nuclear scientist Mohammad Reza Siddiqi was assassinated in a targeted attack in northern Tehran.
At least 71 people have been killed and 20 injured in a terror attack on a village in Niger’s Tillaberi region, local media reported.
Iranian Deputy Foreign Minister Abbas Araghchi says there is no ceasefire agreement with Israel, directly rejecting U.S. President Donald Trump’s earlier claim of a truce between the two countries.
Three powerful explosions were reported early Tuesday at Al-Taji military base, about 30 kilometres north of Baghdad.
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