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![](https://www.pinterest.com/pin/create/button/?url=https://econotimes.com/Liberation-Day-Looms-Trumps-Global-Tariffs-Spark-Economic-Fears-1706213/&media=https://www.econotimes.com/assets/images/econotimes/metaDefault.png&description=Liberation Day" Looms: Trump's Global Tariffs Spark Economic Fears - EconoTimes)
President Trump will impose a wide variety of tariffs on April 2, 2025, known as "Liberation Day," on "all countries." They consist of retaliatory tariffs, a tariff of 25% on steel and aluminum, a tariff of 12% on automobiles, and Chinese product tariffs. Trump says they are steps to equilibrate trade deficits, enhance American manufacturing, and fund homegrown programs.
The implementation of these tariffs has already brought market anxiety, as fears of recession and inflation rise. Economists caution that it is the U.S. consumer who will potentially pay the price for such an added expense. The tariffs have also generated anxiety for America's allies like the EU and Canada, risking potential counter-retaliation and tension in international trade.
In light of "Liberation Day" soon to be celebrated, President Trump's administration will probably announce gargantuan new developments in US trade policy. The effect of such a change is of unparalleled scale to national economy and world affairs and a potentially revolutionary era for global business
