In a move that risks igniting a global trade war, US President Donald Trump on Wednesday unveiled sweeping tariffs, branding the decision as “Liberation Day” for American industry.
Speaking from the White House Rose Garden, Trump claimed the United States had been “looted, pillaged, raped and plundered by nations near and far, both friend and foe alike.” He then signed an executive order to impose “reciprocal tariffs on countries throughout the world” based on how they treat the US.
“This is Liberation Day,” Trump proclaimed, adding that it would “forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed.”
The tariffs, which the White House says are driven by a “national emergency” over persistent trade deficits, will take effect this weekend, with higher rates on the “worst offenders” scheduled to follow next week.
Trump directed some of the steepest tariffs at China (34%), the European Union (20%), and Japan (24%), though he claimed he was being “very kind” by only imposing half the amount that those countries tax US exports.
The move, which Trump has been signaling for weeks, is aimed at protecting American industry and ushering in a new “Golden Age.” However, many economists warn the tariffs could push the US into recession as costs trickle down to consumers and global trade tensions escalate.
The announcement sent the dollar falling 1% against the euro and other major currencies. It also prompted an immediate backlash, with the EU pledging to respond “before the end of April” and the UK warning that a “trade war is in nobody’s interest.”
Despite the criticism, Trump remained steadfast, insisting that tariffs are the solution to America’s trade imbalances and economic struggles. But critics argue that US businesses and consumers will ultimately bear the cost.
Source: Al-Manar English Website
