April 2 was dubbed “Liberation Day” by Donald Trump and his cult. Most people had no idea what the hell those idiots were talking about, but we soon found out when Trump waddled outside for his big announcement. Liberation Day = Trump’s plan for massive tariffs on foreign goods across the board. Trump waited until after the American stock exchange closed, but the global and futures markets reacted with panic.
President Donald Trump unveiled sweeping new tariffs on Wednesday, which the White House dubbed “Liberation Day.”
“This is one of the most important days in my opinion in American history,” Trump said during a press conference at the Rose Garden, outside the White House. “It’s our declaration of economic independence.”
The fresh round of tariffs — hitting allies and enemies alike, with tariffs up to 50% — also included minor trading partners and marked a significant escalation from previous levies slapped on some foreign goods in recent weeks. The new tariffs feature two key policies: A uniform 10% tariff for all imports and “reciprocal” tariffs imposed on many nations that place duties on U.S. imports. The universal 10% tariff amounts to a wide-ranging trade barrier that will touch every product that enters the U.S.
Trump said the measure would ensure foreign firms pay a price for benefits derived from the purchasing power of U.S. consumers.
“Foreign nations will finally pay for the privilege of access to our market,” Trump said.
In addition to the universal tariff, Trump said, the U.S. will impose tariffs on many countries that levy U.S. goods. Trump described such duties as “reciprocal tariffs,” though he noted that the U.S. would impose tariffs at half the level of the trade barriers slapped on U.S. products.
“We will charge them approximately half of what they are and have been charging us,” Trump said. “We’re kind people.” He added later in his remarks, “This is not full reciprocal. This is kind reciprocal.”
Absolutely none of this makes sense from an economic standpoint. Trump has zero understanding of national or global economics. What’s happening here is, in my opinion, an extremely senile cult leader whose drug-addled mind is continuously focused on this one thing which only “makes sense” to him. No one will tell him to let it go, so his entire Cabinet all came out for this demented Nazi’s big announcement that he’s imposing tariffs on a bunch of Antarctic islands which are only inhabited by penguins.
Per NBC, the global markets “reacted sharply and swiftly” as investors fled the US stock market. S&P 500 futures plunged by 3% and they’ll crash even further when the NYSE opens this morning. Trump keeps doing this at the start of every month too. In February and March, he backed down after a day or two. Will the same thing happen this month after he hears from the Fortune 500 CEOs?
Photos courtesy of Cover Images.
