His move is sparking excitement.
President Donald Trump announced a new series of reciprocal tariffs at a “Make America Wealthy Again” event in the White House Rose Garden, aimed at revitalizing the U.S. economy and creating jobs for American workers. Trump emphasized that these tariffs would help restore the American dream by addressing what he described as unfair trade practices by foreign nations that have harmed U.S. industries, including steel, automobiles, agriculture, and manufacturing. He argued that these nations had exploited American workers and undermined the country’s industries, but now it was time for the U.S. to regain its economic strength.
The new tariffs will target countries that impose unfair trade barriers. Trump stated that for nations that have placed excessive tariffs or non-tariff barriers on U.S. goods, the U.S. would apply reciprocal tariffs that are roughly half of what those countries charge. He provided examples, including a 20% tariff on European Union goods, 24% on Japanese products, and 34% on Chinese imports. Additionally, several other countries, such as Chile, Pakistan, and Sri Lanka, would face new tariffs. The plan also includes a 10% baseline tariff for other nations.
Trump criticized long-standing trade practices, arguing that for decades, the U.S. had reduced its trade barriers while foreign nations maintained high tariffs and non-tariff barriers. He pointed out that these barriers were often worse than tariffs, including currency manipulation, export subsidies, intellectual property theft, and unfair regulations that hurt American businesses. He also highlighted that the U.S. had once prospered under a tariff-backed economy in the late 19th and early 20th centuries, when tariffs helped build national wealth.
The president also addressed concerns from foreign countries, suggesting that if they didn’t like the tariffs, they could simply manufacture their goods in the U.S., where no tariffs would apply. He noted that this policy had already encouraged a surge in foreign companies opening operations in the U.S. Trump’s administration framed April 2 as “Liberation Day,” a landmark moment aimed at leveling the playing field and correcting decades of trade imbalances.
The new tariffs are expected to generate significant revenue for the U.S., with White House trade advisor Peter Navarro estimating that the plan could bring in $600 billion annually, or $6 trillion over the next decade. These tariffs are part of a broader strategy to boost U.S. industries and increase job opportunities for American workers. The plan also builds on previous tariff measures, including a 25% tariff on steel and aluminum imports, and 20% tariffs on Chinese goods to combat the influx of fentanyl.
