Trump's Liberation Day Tariffs: A Global Trade Shake-Up

U.S. President Donald Trump plans to introduce reciprocal tariffs applying to all countries rather than a select group. Dubbed 'Liberation Day,' these tariffs aim to protect domestic markets and level the playing field internationally but have sparked fears of a recession and trade war.

U.S. President Donald Trump announced plans for widespread reciprocal tariffs targeting all countries rather than focusing solely on those with significant trade imbalances. The initiative, set for unveiling on Wednesday and called 'Liberation Day,' is designed to safeguard domestic markets from global competition.

White House economist Kevin Hassett indicated the tariffs would primarily affect 10 to 15 nations with the largest trade deficits, though specific countries were not named. The administration sees these tariffs as leverage for renegotiating trade terms more favorable to the U.S.

The proposed tariffs have raised concerns about potential economic fallout, as analysts warn of recession risks and escalating trade tensions. While some suggest Trump might reconsider the scale of these tariffs, the overarching strategy remains aimed at counteracting fees on U.S. exports.

(With inputs from agencies.)