The Trump administration declared today "Liberation Day" as President Donald Trump rolls out a set of tariffs. Both America's allies and adversaries are likely to experience conflict as a result of the reciprocal tariffs.
A brief overview of what you need to know
- The President of the United States, Donald Trump, unveiled broad new tariffs at the White House today.
- The president announced large-scale increased levies on goods imported into the United States during the Rose Garden event.
- This new tariff rollout is referred to by the White House as "Make America Wealthy Again".
- Donald Trump implemented a "baseline" 10% tariff on imports into the U.S., including Australia.
- There is a great deal of uncertainty regarding reciprocal tariff agreements - but experts are already warning of potential problems.
- China, Canada, and Mexico have previously been targeted as well as specific industries, including an auto import duty of 25%.
- Reciprocal tariffs: Pros v Cons for business and markets
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From The White House:
- Tariffs Work — and President Trump’s First Term Proves It
- Fact Sheet: President Donald J. Trump Declares National Emergency to Increase our Competitive Edge, Protect our Sovereignty, and Strengthen our National and Economic Security
- Regulating Imports with a Reciprocal Tariff to Rectify Trade Practices that Contribute to Large and Persistent Annual United States Goods Trade Deficits
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"It's going to be a day that hopefully you're going to look back in years to come and you're going to say, 'You know, he was right. This has turned out to be one of the most important days in the history of our country,'" Trump said after signing the executive order and left without answering questions from reporters.
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“They charge us, we charge them,” Trump said.
"We charge them less so how can anybody be upset.
"They will be, because we never charged anybody anything, but now we're going to charge."
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United States major benchmark averages finished higher on Wednesday (Thursday AEDT), with traders monitoring a wave of volatility after the close as President Donald Trump launched his anticipated tariff rollout.
The Dow Jones Industrial Average added 235.4 points, or 0.6%, settling at 42,225.3, the S&P 500 advanced 0.7% to 5,671.0, while the Nasdaq Composite gained 151.2 points 0.9% to close at 17,601.1.
As volatile trading continued, ETFs tracking the broad S&P 500 and Nasdaq 100 fell more than 2.3% and 3.1%, respectively.
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Trump is charging new tariff rates of as much as 49% on nations such as Cambodia.
China — 34%.
India — 26%.
European Union — 20%
Australia will have a 10% tariff imposed on it.
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Due to non-monetary barriers, Trump says tariffs will not be fully reciprocal.
"We will charge them approximately half of what they have been charging us," Trump said about the reciprocal tariff agreement.
Thus, the tariffs won't be reciprocal in full, he explained.
This halved figure reflects "the combined rate of all tariffs, non-monetary barriers, and other forms of cheating," he said.
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Trump says a reciprocal measure will be implemented because of Australia's ban on fresh beef.
"Australia bans — and they're wonderful people, and wonderful everything — but they ban American beef.
"Yet we imported $US3 billion of Australian beef from them just last year alone.
"They won't take any of our beef.
"They don't want it because they don't want it to affect their farmers and you know, I don't blame them, but we're doing the same thing right now starting at midnight tonight, I would say."
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“We will supercharge our domestic industrial base, we will pry open foreign markets and break down foreign trade barriers and ultimately more production at home will mean stronger competition and lower prices for consumers,” Trump says from the Rose Garden.
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Trump says he is about to sign a “historic Executive Order instituting reciprocal tariffs on countries throughout the world.”
“Reciprocal. That means they do it to us and we do it to them. Very simple. Can’t get any simpler than that,” Trump says.
Trump says he will impose a 25% tariff on all foreign-made cars, effective at midnight, US time.
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“For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,” Trump says.
"American steel workers, auto workers, farmers and skilled craftsmen.
"We have a lot of them here with us today, they really suffered gravely. They watched in anguish as foreign leaders have stolen our jobs, foreign cheaters have ransacked our factories and foreign scavengers have torn apart our once-beautiful American dream."
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"My fellow Americans, this is liberation day," President Donald Trump announced as he took to the podium.
"April 2, 2025, for forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed, and the day that we began to make America wealthy again!"
Related coverage
- How the world has been preparing for Trump's ‘Liberation Day’ tariffs
- 2025 National Trade Estimate Report on FOREIGN TRADE BARRIERS of the President of the United States on the Trade Agreements Program
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"IT'S LIBERATION DAY IN AMERICA!"
* Donald Trump posted a one-liner with a video on his Truth Social platform on Wednesday morning.
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The United States government, during Donald Trump's presidency, decided to charge an extra 25% fee (called a tariff) on certain imported items. This included beer and empty aluminum cans.
The new rules announced today specifically mentioned two things: beer made from malt (a key ingredient in beer) and small aluminum containers like cans or boxes that can hold up to 20 litres. However, beer in glass bottles wasn’t included in these new fees.
