Trump Plans 'Liberation Day' Tariffs on Imports, Expected Impact on Consumers

April 2, 2025, has been designated 'Liberation Day' by President Donald Trump, marking the launch of significant new tariffs aimed at reshaping international trade relationships. The administration plans to impose a 20% tariff on most imported goods and a 25% tariff on auto imports, with immediate effect. Trump argues that these tariffs will reduce U.S. dependence on foreign imports and promote domestic production, despite warnings from economists about potential price increases for consumers. The announcement comes amid rising concerns that American citizens may bear the brunt of higher costs on various goods, including groceries and vehicles. While supporters see these tariffs as protective measures for U.S. industries, critics highlight the risk of disrupting the global economy and increasing household expenses significantly. The White House has emphasized that this move reflects a necessary correction to what they perceive as an unfair trading landscape.