Trump set to unveil “Liberation Day” tariffs

President Donald Trump unveiled his tariff plans on Wednesday, April 2, during a ceremony at the White House, imposing tariffs of at least 10 percent on all foreign-made goods. For products made in China, the tariff rate will be 34 percent; for those made in Vietnam, it will be 46 percent; for the European Union, it will be 20 percent. Trump framed these tariffs as “reciprocal,” meaning that that they match the level of trade restrictions that each foreign nation imposes on US products. But this is not true — Trump’s tariffs greatly exceed those of America’s targeted trade partners.

The threat of tariffs have led to massive economic uncertainty, with Trump’s on-again, off-again declarations tanking stock markets and souring consumer sentiment, though some longtime critics of globalization appear optimistic. Meanwhile, many Americans are worried and confused — tariffs haven’t been as significant to the US economy in nearly a century — and they’re understandably unsure about what tariffs are, how they’ll affect their wallets, why governments would implement them, and whether the president’s policy will work on its own terms.

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