“Liberation Day” is the name Donald Trump has given to April 2, claiming that the duties will help the US become less dependent on imports. Trump insisted on targeting “all countries” and seemed to significantly broaden his tariff ambitions.
Here are ten things about this significant story:
1- Trump told reporters, “You would start with all countries, so let’s see what happens,” squelching speculation that he may reduce some of the tariffs or that they would only target a few countries. About ten or fifteen countries, I haven’t heard any rumors about. Pretty much every nation we are discussing. “We have been discussing all nations, not just a select few,” he stated.
2- Trump stated the day before the anticipated announcement that India will “very substantially” lower its tariffs. Since they have been unfairly imposing tariffs on the United States for years, I believe that many of these nations will remove their levies. I believe I heard a short while ago that India would be significantly lowering its tariffs. “Why didn’t someone do this a long time ago?” I asked, and he replied.
3- The White House claimed just hours earlier that India levies a 100 percent tax on American agricultural goods. “You have a 100 percent tariff from India on American agricultural products,” White House Press Secretary Karoline Leavitt stated while displaying a table that lists duties imposed by nations.
4- From 2021–2022 to 2023–2024, India’s biggest commercial partner was the United States. According to a PTI article, the US is responsible for almost 18% of India’s total goods exports, 6.22% of its imports, and 10.73% of its bilateral trade. India had a $35.32 billion goods trade surplus (difference between imports and exports) with the US in 2023–2024. $27.7 billion in 2022–2023; $32.85 billion in 2021–2022; $22.73 billion in 2020–2021; and $17.26 billion in 2019–20 were the figures.
5- The US and India have agreed to hold sector-specific negotiations in the upcoming weeks in order to finalize the proposed BTA’s structure. Talks are going well, according to Commerce Minister Piyush Goyal, and would serve the “good” of both countries while defending India’s interests.
6- Tuesday saw a sharp decline in the Sensex and Nifty, primarily due to the uncertainty surrounding the effects of Trump’s tariffs. At 76,024.51, the Sensex slid 1,390.41 points, or 1.8%, while the NSE Nifty declined 353.65 points, or 1.5%, to 23,165.7.
7- Trump said last week that all auto imports will be subject to a 25% tax, and that steel and aluminum would also be subject to a similar penalty in March.
8- Many countries have made promises to retaliate if the US tariffs affect them. According to Ursula von der Leyen, head of the European Union, while the EU is still pushing for a negotiated solution, it would resort to other instruments including countermeasures if need be. The head of the European Commission stated clearly before members of the European Parliament on that we are open to negotiations, but we have a strong plan to retaliate should it be necessary: all instruments are on the table.
9- South Korea, Japan, and China decided to retaliate to US tariffs together, according to a social media account connected to China’s public broadcaster CCTV. The remarks followed Sunday’s first economic meeting between the three nations in five years, according to news agency Reuters.
10- Trump’s “Liberation Day” tariffs, the White House claimed Tuesday, will go into force as soon as they are announced. According to Press Secretary Leavitt, the tariff announcement will be made tomorrow and will take effect right away.
