President Donald Trump on Wednesday made good on his promise to impose severe tariffs on much of the world’s imports, rolling out a plan that is likely to shock both U.S. trading partners and global financial markets.
On a self-proclaimed “Liberation Day,” the president announced baseline 10% tariffs on imported goods and much steeper rates for dozens of countries that have tariffs on U.S. goods.
“This is one of the most important days, in my opinion, in American history. It’s our declaration of economic independence,” Trump said to aides and union members sporting ‘Make America Great Again’ hats in the Rose Garden. “Our country and its taxpayers have been ripped off for more than 50 years, but it is not going to happen anymore.”