Liberation Day tariffs

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On April 2, 2025, United States president Donald Trump held a White House Rose Garden ceremony where he announced what he called a "reciprocal tariff" strategy, which he had previously promised and described as necessary to correct what he characterized as decades of unfair trading relationships that disadvantaged American manufacturers and workers. He called April 2 "Liberation Day" and described it as "one of the most important days in American history." The newly planned tariffs have sometimes been referred to as the "Liberation Day" tariffs.^[1]

During the event, Trump signed Executive Order 14257,^[2] which outlined extensive global tariff policies which he described as the United States' "declaration of economic independence". The announcement of the order marked the beginning of a global trade war and triggered a global stock market crash. The tariffs also have a disproportionate impact on small businesses, driving many to take radical measures, including layoffs and emergency liquidation of inventory, and even bankruptcy.^[3]