Trump Announces Major Tariffs on Imports

President Donald Trump announced a new tariff regime, labeled 'Liberation Day', imposing a 10% baseline tariff on all foreign imports and higher rates on countries with significant trade barriers, including 34% on China and 20% on the European Union. Trump described these as reciprocal tariffs, intended to mirror the trade barriers imposed by other nations on the U.S., and claimed they would boost domestic manufacturing. This move marks the most significant shift in U.S. trade policy in decades, aiming to reverse free trade practices that Trump argues have harmed U.S. workers. Despite promises of economic independence, economists warn of potential inflation and retaliatory tariffs that could lead to recessions. The Senate has challenged Trump's tariffs on Canada, citing them as harmful to American families, with a resolution to undo these tariffs passing narrowly. Global reactions have been measured, with some nations like the U.K. seeking to negotiate trade deals to mitigate impacts, while others like Italy criticize the tariffs as potentially damaging for all involved.