Trump’s ‘Liberation Day’ Tariffs Could Raise Prices and Reshape Trade

President Donald Trump is set to declare April 2 as “Liberation Day,” announcing sweeping tariffs on imports in an effort to bolster U.S. manufacturing and penalize foreign countries. The proposed tariffs include 25% on autos, pharmaceutical drugs, lumber, and other goods, with additional levies on Chinese imports for fentanyl-related issues. Trump claims the move will encourage domestic investment, but economists warn of higher consumer prices, job losses, and inflation. Estimates suggest auto prices alone could rise by over $4,700 per vehicle. Critics argue this could be the largest tax hike since WWII, while international leaders decry the tariffs as economically damaging. Trump, however, insists the measures will “take back wealth” and redefine America’s trade standing. Whether these tariffs are long-term or a negotiating tactic remains to be seen.

Source: AP News