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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Armenia has officially approved joining the Ashgabat Agreement, aiming to enhance its regional transit role and secure broader access to international markets through a key transport and transit corridor spanning Central and South Asia.
Slovakia’s Prime Minister Robert Fico is the only EU leader attending Russia’s May 9 military parade, defying airspace bans and EU pressure to stay away.
On the 25th anniversary of the Gates Foundation, Bill Gates announced plans to donate nearly all of his personal wealth over the next two decades, aiming to provide $200 billion in support to the world’s poorest communities, especially as global aid budgets face significant reductions.
The United States and Britain are set to announce a trade agreement aimed at reducing tariffs on key goods, signaling progress in bilateral trade discussions.
In a move to strengthen its disaster preparedness, Morocco plans to invest 7 billion dirhams ($760 million) in emergency supplies and storage platforms across the country, following the devastating 2023 earthquake in the High Atlas Mountains.
Armenia has officially approved joining the Ashgabat Agreement, aiming to enhance its regional transit role and secure broader access to international markets through a key transport and transit corridor spanning Central and South Asia.
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Cardinals from 70 nations have gathered in Vatican City to begin the historic conclave to elect the next pope, following the death of Pope Francis 17 days ago. This conclave is the most geographically diverse in Church history, showcasing Francis’ legacy of inclusivity.
Slovakia’s Prime Minister Robert Fico is the only EU leader attending Russia’s May 9 military parade, defying airspace bans and EU pressure to stay away.
On the 25th anniversary of the Gates Foundation, Bill Gates announced plans to donate nearly all of his personal wealth over the next two decades, aiming to provide $200 billion in support to the world’s poorest communities, especially as global aid budgets face significant reductions.
The United States and Britain are set to announce a trade agreement aimed at reducing tariffs on key goods, signaling progress in bilateral trade discussions.
In a move to strengthen its disaster preparedness, Morocco plans to invest 7 billion dirhams ($760 million) in emergency supplies and storage platforms across the country, following the devastating 2023 earthquake in the High Atlas Mountains.
Ukraine has accused Russia of breaching a 72-hour ceasefire ahead of Russia’s annual May 9 military parade, with both sides exchanging accusations of violations and continued clashes reported on the ground.
Slovakia’s Prime Minister Robert Fico is the only EU leader attending Russia’s May 9 military parade, defying airspace bans and EU pressure to stay away.
On the 25th anniversary of the Gates Foundation, Bill Gates announced plans to donate nearly all of his personal wealth over the next two decades, aiming to provide $200 billion in support to the world’s poorest communities, especially as global aid budgets face significant reductions.
The United States and Britain are set to announce a trade agreement aimed at reducing tariffs on key goods, signaling progress in bilateral trade discussions.
In a move to strengthen its disaster preparedness, Morocco plans to invest 7 billion dirhams ($760 million) in emergency supplies and storage platforms across the country, following the devastating 2023 earthquake in the High Atlas Mountains.
Armenia has officially approved joining the Ashgabat Agreement, aiming to enhance its regional transit role and secure broader access to international markets through a key transport and transit corridor spanning Central and South Asia.
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