Trump Announces New Tariffs Under 'Liberation Day' Plan

U.S. President Donald Trump has announced a new wave of 'reciprocal tariffs' under the 'Liberation Day' plan, imposing a baseline 10% tariff on all imports with higher rates for specific countries, including a 34% tariff on China and 46% on Vietnam. Canada and Mexico, under the USMCA, are exempt from these tariffs unless their goods are non-compliant. The tariffs have been criticized for potentially sparking a trade war and harming the global economy, including impacts on nations like Lesotho and South Africa, which have been hit with some of the highest tariffs. Meanwhile, Canada and the EU are contemplating countermeasures, and countries like the Philippines are seeking to attract foreign investment to mitigate potential economic disruptions. Critics argue that these tariffs are a move by Trump to consolidate power through economic coercion, with potential long-term consequences for international trade norms and economic stability. Despite the global backlash, Trump's administration maintains that these tariffs are necessary to correct perceived trade imbalances and unfair practices against the U.S.