WASHINGTON, D.C. – Holding a large board listing tariff rates, President Trump delivered a speech in the White House Rose Garden Wednesday under the banner “Make America Wealthy Again.” In the address, he announced the imposition of tariffs on imports from various countries based on the principle of reciprocity, aiming to boost domestic manufacturing and create jobs. Trump declared April 2 as a “day of liberation” and “one of the most important days in American history”, despite mounting domestic and international concerns about price inflation and potential global trade wars.

Trump stated that the United States had been “plundered and robbed” by other countries for decades, resulting in millions of lost jobs and the closure of tens of thousands of U.S. factories. He placed blame not on those foreign governments, but on successive American administrations that he said failed to respond.

To fulfill his promise of launching a new “golden age” for the United States, Trump signed what he called a “historic executive order” that imposes reciprocal tariffs on countries around the world.

“Reciprocal tariffs mean what they do to us, we do to them. It’s that simple,” Trump said.

In a speech attended by lawmakers, government officials and American workers, Trump described the move as an “economic declaration of independence” and criticized both U.S. allies and adversaries, accusing them of exploiting America economically.

“For many years, hard-working American citizens have been pushed to the sidelines while other countries grow richer and stronger — mostly at our expense,” he said. “But now, it’s our turn to thrive.”

Trump unveils sweeping global tariffs

Tariff list revealed

Trump unveiled a large board displaying specific tariff rates on imports from various countries. He noted that the U.S. would impose tariffs that are roughly half the level those countries impose on U.S. goods, “because we’re nice,” he said.

He argued the tariffs would boost U.S. growth and called on foreign leaders to drop their tariffs on American goods. At the same time, he pledged that his administration would hold accountable countries that treat the U.S. unfairly, including through non-tariff barriers and currency manipulation.

Here are some of the announced tariffs:

• 34 percent on Chinese imports, in response to China’s 67 percent tariffs on U.S. exports
• 20 percent on EU goods, citing their 49 percent tariffs on American products
• 46 percent on Vietnam, 30 percent on South Africa, 31 percent on Switzerland
• 32 percent on both Taiwan and Indonesia
• 49 percent on Cambodia, 24 percent on Japan, 25 percent on South Korea and 26 percent on India

Minimal tariffs (10 percent) were imposed on imports from the UK, Singapore and Brazil.

As for Arab countries, the reciprocal tariff list included:

• 10 percent on the U.A.E., Egypt, Morocco and Saudi Arabia and Lebanon, matching their own tariffs on U.S. exports
• 28 percent on Tunisia (vs. 55 percent imposed on U.S. goods)
• 20 percent on Jordan (vs. 40 percent)

Trump emphasized that the goal is to bring jobs and factories back to the U.S., encouraging Americans to buy domestic products. He also pointed to a new congressional bill that will include tax cuts, expected to stimulate consumer spending.

He previously vowed that no country would be exempt from tariffs, even as financial policymakers express concern about their global economic impact.

Additional auto and metal tariffs

In addition to reciprocal tariffs, Trump announced a 25 percent tariff on all imported cars, as well as maintaining similar duties on steel and aluminum, which had already been imposed earlier.

A White House statement noted that the new global tariffs would be implemented in two phases:

• April 5: the baseline 10 percent tariff will take effect
• April 9: higher tariffs (above 10 percent) will be applied

White House spokesperson Caroline Leavitt clarified that companies manufacturing in the U.S. will not be affected.

However, trade partners are expected to respond with retaliatory measures that could cause prices to soar on everyday goods — from bicycles to wine.

Economic backlash and expert warnings

Economists warn that the tariffs could slow the global economy, increase the risk of recession and raise costs of living for average American families by thousands of dollars annually.

Auto tariffs in effect

On Thursday, just hours after the reciprocal tariffs were announced, the 25 percent import tariff on foreign cars came into force — likely to escalate tensions with major trade partners and drive up prices for both new and used vehicles. Some experts remain hopeful, however, that the move may stimulate domestic vehicle manufacturing.

The new auto tariff applies to vehicles built outside the U.S., dealing a major blow to the global auto industry. A similar 25 percent tariff on auto parts will take effect next month, further affecting used car prices.

A Reuters analysis revealed that Trump’s auto tariffs affect imports of vehicles and parts worth more than $460 billion annually. His updated executive order includes nearly 150 categories of auto parts, including engines, transmissions, vehicle computers and lithium-ion batteries, as well as lower-cost items like tires, shock absorbers, spark plug wires and brake hoses

A trade tsunami

While Trump hopes his tariff plan will revive domestic production and generate hundreds of billions in annual revenue, fears are mounting of a global trade war. Many countries are considering retaliatory measures, and companies are left scrambling to adapt supply chains on short notice.

Economists warn that these tariffs could weaken a global economy still recovering from post-pandemic inflation and burdened with high debt and geopolitical risks. The full impact will likely be felt in the coming months as prices surge for thousands of consumer and industrial products.

Following Trump’s announcement, gold and oil prices fell, U.S. Treasury yields dropped and the dollar weakened. Stock markets experienced sharp sell-offs, with major indexes entering correction territory.

Olu Sonola, head of U.S. economic research at Fitch, said the tariffs would trigger a seismic shift in both the U.S. and global economies, warning that many countries could enter recession. Asian economies are expected to be hardest hit, due to both higher tariffs and their heavy dependence on U.S. demand.

The impact of the tariff plan on the U.S. economy will depend largely on how the extra revenue is used. If it’s redistributed to consumers via tax cuts, the growth effect may be minimal. But economists believe the escalation could result in higher prices for American consumers, slower U.S. growth and recession in vulnerable economies

These concerns were reflected in last Thursday’s sharp sell-off on Wall Street.

While some economists describe Trump’s tariff strategy as an economic “tsunami” with unpredictable consequences — especially if retaliatory actions escalate — Trump dismissed market fears.

“The markets are doing just fine,” he said.

He acknowledged that his decisions had caused short-term disruption, but promised that the U.S. economy would emerge stronger.

“The markets will flourish,” he told reporters at the White House. “Stocks will soar. The country will thrive. The world is watching to see if we’re ready for a deal.”

Trump also mentioned that some corporations have recently pledged nearly $7 trillion in new investments for major factory construction in a range of industries.

“You’ll see how things turn out,” he said. “Our country will flourish.”