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.”
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Russia and Ukraine exchanged prisoners of war as well as the bodies of fallen soldiers, on Friday (15 May). The swap came as Ukranian officials said Moscow had carried out its largest aerial attack over 48 hours since the conflict started.
Iran’s Parliamentary Speaker Mohammad Bagher Ghalibaf warned that the U.S. military blockade of Iran’s southern ports could trigger a new global financial crisis as the Tehran-Washington standoff around the strategic Strait of Hormuz persists.
The U.S.-Israeli war with Iran loomed over U.S. President Donald Trump's visit to China, as signs emerged that the conflict is causing a shift in alliances across the Middle East.
Iran’s Foreign Minister Abbas Araghchi said Tehran has “no trust” in the United States and will only consider negotiations if Washington shows seriousness. His remarks came as talks on Iran’s nuclear programme continued, with Trump and Xi also opposing Iran acquiring nuclear weapons.
Thousands of fans turned out in Iran's capital Tehran for a massive farewell ceremony on Wednesday night for their national football team, wishing them success before their departure for the World Cup 2026 matches co-hosted by the United States and Mexico.
Ukraine has stepped up attacks on Russian energy facilities in recent months, amid stalled progress in peace negotiations. The strikes have targeted refineries, processing plants, pipelines and export infrastructure, causing repeated disruptions across Russia’s energy sector.
Negotiations between Samsung Electronics and its workforce on Wednesday have broken down, officials said, raising fresh concerns over potential disruption to South Korea’s export-heavy economy.
China has launched the world’s first experiment to study how artificial human embryos develop in space, marking a major step in understanding whether humans could one day reproduce beyond Earth.
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Deep in the ancient forests of southern China, researchers have discovered a small, shy snake with an extraordinary survival trick: when threatened, it creates the illusion that it has two heads.
Egyptian authorities have unveiled two restored ancient tombs in Luxor alongside a rare artefact linked to King Tutankhamun, offering visitors new insight into life and burial practices during the New Kingdom more than 3,000 years ago.
A U.S. Department of Justice official said Washington was preparing to indict former Cuban president Raúl Castro in connection with the 1996 downing of aircraft operated by "Brothers to the Rescue", a Miami-based exile group that conducted search-and-rescue flights for Cuban migrants.
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