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Taiwan says US tariffs unreasonable, partly blames Trump policies for trade surplus

Apr 3 2025

Trump imposes tariffs on uninhabited Heard and McDonald Islands near Antarctica

Apr 2 2025

Highlights: Trump Imposes Vast Global Tariffs

Apr 2 2025

Background

Main articles: Tariffs in the second Trump administration, China–United States trade war, and 2025 United States trade war with Canada and Mexico

Prior to the "Liberation Day" announcement, Trump had implemented several tariff policies since returning to office in January 2025. These included duties on steel and aluminum imports, as well as tariffs targeting specific countries such as China, Canada, and Mexico. The administration had also announced a 25% tariff on imported automobiles and automotive parts scheduled to take effect at midnight on April 3, 2025. These previous measures had already increased the average U.S. tariff rate to approximately 12%, the highest level since World War II according to Deutsche Bank Research.⁶⁷

Tariff announcement

In the White House Rose Garden address on April 2, 2025, Trump declared that April 2 was "Liberation Day," describing the announcement as "one of the most important days in American history" and "our declaration of economic independence." The president unveiled a two-tier tariff structure: a baseline 10% tariff applied universally to imports from all countries with the exception of Canada and Mexico, and additional country-specific "reciprocal" tariffs based on what the administration deemed unfair trade practices by approximately 60 individual nations.⁸⁹ The 10% baseline tariff would begin at 12:01 a.m. EDT on April 5, 2025 (04:01 UTC), while the higher country-specific rates would commence at 12:01 a.m. EDT on April 9, 2025.¹⁰

Trump declared a national emergency to address what he described as a "large and persistent U.S. trade deficit", enabling him to invoke the IEEPA to impose a 10% tariff on all imports to the US, effective April 5, 2025.¹¹ He also announced higher tariffs on approximately 60 countries and territories set to begin April 9.¹² The White House confirmed that these tariffs would be applied in addition to existing measures on Chinese imports, resulting in an effective tariff rate of 54% on Chinese goods after April 9, 2025.¹³

The tariffs would apply to more than 100 trading partners. However, they would not impact products already subject to previous tariff actions, including steel, aluminum, vehicles, and vehicle parts. Energy products and certain minerals "not available in the United States" were also exempted.¹⁴

Among the highest tariff rates announced included:¹⁵¹⁶¹⁷

• China: 125%
• Lesotho: 50%
• Cambodia: 49%
• Vietnam: 46%
• Sri Lanka: 44%
• Bangladesh: 37%
• Thailand: 36%
• China: 34% (in addition to existing 20% levies)
• Taiwan: 32%
• Indonesia: 32%
• Switzerland: 31%
• South Africa: 30%
• Pakistan: 29%
• India: 26%
• South Korea: 25%
• Japan: 24%

Among the lowest:

• European Union: 20%
• Israel 17%
• Australia: 10%
• Ukraine: 10%
• United Kingdom: 10%
• Singapore: 10%

Many countries get the lowest tariff rate of 10%, except for 0% on the heavily sanctioned Russia and North Korea.

The $800 de minimis threshold for duty-free imports from China was eliminated, effective May 2, with plans to eliminate this threshold for other countries once administrative capacity was established.¹⁸ The elimination of this exemption would take effect on May 2, 2025.¹⁹ The minimum fee would gradually rise to $50 per shipment, making direct individual consumer purchases of most goods uneconomical.²⁰

"Liberation Day" speech

During the speech, Trump framed the tariffs as being in response to a "national emergency," asserting they would boost domestic production and create American jobs. He stated, "We're going to start being smart, and we're going to start being very wealthy again," claiming the new policy would generate "trillions and trillions of dollars to reduce our taxes and pay down our national debt."²¹ He cited a US$1.2 trillion trade deficit from the previous year as evidence of unfair global trading practices.²²

The president characterized his approach to the tariff implementation as "kind," explaining that the government would only charge other countries half of what administration calculations suggested he should apply based on the trade practices of the impacted nations. When describing the rates during his speech, Trump displayed a chart showing reciprocal tariff rates for U.S. trading partners. Associated White House materials indicated that calculations included assessments of "currency manipulation and trade barriers" imposed by other countries, though the specific formula was not disclosed.²³²⁴ He offered trading partners a straightforward alternative: "Terminate your own tariffs. Drop your barriers." and summarized his tariff policy as: "If you want your tariff rate to be zero, then you build your product right here in America."²⁵

List of tariffs imposed

Response

Financial markets

Main article: 2025 stock market crash

Financial markets generally responded negatively to the announcement. S&P 500 index futures, which had gained 0.7% during normal trading hours, tumbled more than 3% following Trump's announcement. Similarly, Japanese Nikkei 225 futures fell approximately 2%.²⁸

Financial analysts expressed surprise at the tariffs' magnitude. Head of macro strategy at Academy Securities Peter Tchir described the rates as "shockingly high compared to what people were expecting" and called the announcement "a disaster". Others suggested the high rates might represent an opening position for subsequent negotiations rather than permanent policy.²⁹

Domestic

Political

Outside the White House gates following the ceremony, protestors gathered with signs depicting the Mr. Monopoly character and messages criticizing the policy as "liberating" money from consumers' wallets to benefit wealthy interests.³⁰

Senate Democrats voiced opposition to the tariffs. Oregon senator Ron Wyden characterized them as "a tax on almost everything families buy" that "won't rebuild American manufacturing or help working families get ahead."³¹ A senate resolution to end the tariffs emergency failed on a vote of 49–49, with JD Vance breaking the tie.³²³³

Representative Suzan DelBene (D-WA-01), chair of the Democratic Congressional Campaign Committee, characterized the tariffs as part of broader "chaos and dysfunction" and argued that the president should not have unilateral authority to impose such measures.³⁴

Republican leadership generally supported the president's tariff actions, while acknowledging potential short-term economic disruption. Speaker of the House Mike Johnson (R-LA-04) expressed confidence that despite initial difficulties, the policy would ultimately "make sense for Americans and help all Americans."³⁵

New York governor Kathy Hochul called the impending tariffs "nothing but a reckless tax on hard-working New Yorkers" that would severely damage the state's economy, particularly businesses dependent on Canadian tourism.³⁶

The following day, the Trade Review Act was introduced in the Senate to limit presidential power over tariffs.³⁷ The bill was supported by a bipartisan group of senators.³⁸

Former vice president Mike Pence, who served in Trump's first presidency, criticized the tariffs as the "largest peacetime tax hike in U.S. history". He also stated that they are "nearly 10x the size of those imposed during the Trump-Pence administration and will cost American families over $3,500 per year".³⁹

The Washington Post reported that Elon Musk made personal appeals to Trump to reverse the tariffs.⁴⁰ On April 5, Musk criticized Peter Navarro, Trump's trade advisor and one of the key official behind the tariffs, questioning his educational qualifications from Harvard on X and writing "He ain’t built shit."⁴¹ Navarro responded by saying Musk is a "car assembler" and not a "car manufacturer". In response, on April 8, Musk called Navarro "a moron" and "dumber than a sack of bricks", and said he should consult "the fake expert he invented, Ron Vara".

Legal

The Liberty Justice Center, a public-interest law firm, sued the Trump administration in V.O.S. Selections, Inc. v. United States in a case filed on April 14, 2025. The case revolves around businesses that had their entire business model potentially upended and risked closing entirely after the executive action issued by President Trump and his potentially unconstitutional tariffs.⁴² The Court set a briefing schedule and hearing to rule on plaintiff's motion for a preliminary injunction to enjoin the implementation of the "Liberation Day" tariffs. The government's response brief was filed on April 29 and the plaintiff's reply followed on May 6, 2025. The hearing on the motion for preliminary injunction and summary judgment occurred on May 13, 2025.^43444546

In Webber v. Trump, two members of the Blackfeet Nation challenged the constitutionality of tariffs imposed on Canadian goods, asserting a violation of the separation of powers and tribal treaty rights. The plaintiffs argue that the International Emergency Economic Powers Act (IEEPA) does not authorize the president to impose tariffs, a power reserved to Congress. They also contend that the tariffs infringe the Jay Treaty of 1794, which guarantees Native Americans the right to cross the U.S.-Canada border without duties.⁴⁷⁴⁸

Pacific Legal Foundation (PLF), a public interest law firm brought forth Princess Awesome & Stonemaier Games v. Customs, wherein the plaintiffs contest tariffs imposed by President Trump under the International Emergency Economic Powers Act (IEEPA), arguing the statute does not authorize tariff measures and that such actions usurp Congress’s exclusive authority over trade. They claim the tariffs are unconstitutional, economically damaging, and represent an unlawful expansion of executive power.⁴⁹⁵⁰

In Learning Resources v. Trump, a case before the Federal District Court in the District of Columbia, the plaintiff, a family-owned educational toymaker, challenges the legality of President Trump’s sweeping tariffs. The complaint alleges that the administration exceeded its constitutional authority by imposing broad-based import duties without congressional approval. The plaintiff asserts the tariffs will increase its import costs by roughly 4,000%, from $2.3 million to $100 million, while also causing a 25% drop in sales. The plaintiff further argues that reshoring production to the United States is economically unfeasible and that the tariffs will cause irreparable harm to American businesses and the broader economy. The plaintiff's motion for preliminary injunction is scheduled for a hearing on May 27, 2025.⁵¹⁵²⁵³

In Oregon v. Trump, the plaintiffs, the State of Oregon, along with Arizona and 11 other states, challenge the legality of President Trump’s global tariffs. Filed in the U.S. Court of International Trade, the complaint asserts that Trump overstepped his constitutional authority by using the International Emergency Economic Powers Act (IEEPA) to impose tariffs without congressional approval. The plaintiffs seek to have the tariffs declared unlawful, their enforcement blocked, and the executive actions rescinded. They argue that the tariffs have led to significant economic disruption, driving up prices at grocery stores and increasing utility bills, with the greatest impact on vulnerable populations.⁵⁴ Oral argument of the States' motion for summary judgment occurred on May 21, 2025. The court took issue with the government's contention that the courts have no role to play in checking the president's use of emergency economic powers under IEEPA. Judge Jane Restani summarized the government's argument as:

Nothing is so crazy or unrelated that it could be stopped by the courts. Anything is allowed. Any declaration of emergency based on some crazy thing, any remedy, as crazy as it could be, it's all okay because the courts can't do anything.⁵⁵⁵⁶

In Emily Ley Paper Inc. v. Trump, a Florida-based business challenged President Trump’s tariffs on Chinese imports, arguing they exceeded statutory authority and violated the U.S. Constitution. The plaintiff claimed the tariffs, imposed under the International Emergency Economic Powers Act (IEEPA), were not necessary for addressing an emergency, but rather aimed at reducing the trade deficit and increasing federal revenue. Additionally, the company contended that IEEPA’s interpretation violated the nondelegation doctrine by giving the president excessive legislative powers.^57585960

In May 2025, the United States Court of International Trade (CIT) held hearings for V.O.S. Selections, Inc. v. Trump⁶¹ and Oregon v. Trump.⁶² On May 28, the CIT unanimously ruled that Trump had overreached his authority under the IEEPA and vacated all tariffs related to it. They concurred with the plaintiffs that IEEPA "does not authorize any of the worldwide, retaliatory, or trafficking tariff orders."⁶³⁶⁴ The next day, an appellate court stayed the decision, allowing the tariffs to remain in effect while it considered the case.⁶⁵

Business organizations

American experts and business organizations raised concerns about potential inflationary effects and supply chain disruptions. The National Retail Federation issued a statement warning that the tariffs would "cause more anxiety and uncertainty for American businesses and consumers," emphasizing that U.S. importers, not foreign countries or suppliers, would bear the initial financial burden.⁶⁶

The National Association of Manufacturers expressed concern that the large scale of the tariffs would threaten jobs, supply chains, investment, which in turn would threaten "America's ability to outcompete other nations and lead as the preeminent manufacturing superpower."⁶⁷

The National Restaurant Association similarly predicted that tariffs at the scale they were presented would create "change and disruption" restaurant owners would have difficulty with bearing to keep their businesses open, noting that food and packaging costs would likely increase.⁶⁸

Economic experts from the libertarian Cato Institute think tank warned that the tariff levels approached those of the 1930 Smoot–Hawley Tariff Act, legislation widely believed to have exacerbated the Great Depression.⁶⁹

International

•  Argentina – President Javier Milei, a strong supporter of Trump, celebrated the tariffs imposed on Argentina by posting Queen's "Friends Will Be Friends" on his Twitter account, suggesting that the country obtained the lowest percentage of 10% because of his alleged friendship with the U.S. president.⁷⁰⁷¹ The post generated controversy in Argentina, because he chose to share music from an English band on the same day of the Argentine public holiday of the Day of the Veterans and Fallen of the Malvinas [Falklands] War.⁷² Although several Milei officials claim that the 10% tariffs are preferential treatment to Argentina, Trump announced the same percentage for left-leaning political rivals in the region such as Brazil, Chile and Colombia.⁷³
•  Australia – Australian Prime Minister Anthony Albanese stated that the United States' implementation of 10% tariffs on Australia had "no basis in logic," arguing that "a true reciprocal tariff would have been zero percent". He described the action as "not the act of a friend", but indicated Australia would not immediately impose retaliatory measures.⁷⁴ When hearing that Heard Island and McDonald Islands also got hit by tariffs despite not being inhabited, Albanese quipped that "nowhere on Earth is safe".⁷⁵
•  Bangladesh – On April 5, Chief Advisor of Bangladeshi Interim Government, Muhammad Yunus, called off an emergency meeting of experts, advisors and related officials in his residence to discuss over the tariff issue.⁷⁶ Following the meeting, decisions were made to increase import for reducing trade deficit with the US.⁷⁷⁷⁸ On April 7, Yunus sent a personal letter to President Trump requesting a three-month postponement of the decision, highlighting initiatives to reduce trade deficit with the US.⁷⁹
•  Brazil – The Foreign Ministry of Brazil stated that the announced 10% tariff did not "reflect reality," claiming that the United States had a $410 billion trade surplus with Brazil over 15 years.⁸⁰
•  Cambodia – In a formal letter, prime minister Hun Manet announced a reduction in trade import tariffs for US products, requested for negotiations to be opened, and for tariffs be postponed.⁸¹
•  Canada – Canadian Prime Minister Mark Carney stated that Canada would be ready to place "retaliatory measures" for any "additional measures put against Canada."⁸²
•  Chile – President Gabriel Boric expressed "regret over the unilateral imposition of tariffs" during a meeting with business leaders in India, stating that his team is analyzing the consequences of this measure, that it is not specifically aimed at Chile, and that they evaluate opportunities to diversify trade and reduce dependence on external decisions, noting that key products like copper and wood are not included for now.⁸³
•  China – The Chinese government issued a measured statement warning that protectionism leads to "nowhere", and that there are no winners in trade wars.⁸⁴ On April 4, the State Council Tariff Commission announced retaliatory tariffs of 34%, effective April 10, which were increased to 84% after the United States imposed an additional 50% tariff on April 9.⁸⁵⁸⁶ On April 11, upon another round of tariff hikes, the Ministry of Finance raised the tariff rate to 125% starting from April 12 and stated that it would ignore further escalations as United States goods were "no longer marketable in China."⁸⁷ On May 12, officials from the U.S. and China agreed to drastically reduce for 90 days the tariff rates, from 145% to 30% and 125% to 10% respectively, while further negotiations and discussions are held.⁸⁸⁸⁹
•  European Union – European Commission President Ursula von der Leyen condemned Trump's planned tariffs on the European Union, saying they were a "major blow" and that Europe is "prepared to respond."⁹⁰
•  Indonesia - Coordinating Minister for Economic Affairs Airlangga Hartarto stated that Indonesia would not retaliate against the tariffs, stating they would pursue diplomacy and negotiations with the United States, as well as finding ways to increase trade with European countries as an alternative.⁹¹
•  Ireland – Irish Prime Minister Micheál Martin stated that there was "no justification" for the measures, and called for a "proportionate" EU response.⁹²
•  Israel – Finance Minister Bezalel Smotrich revealed that he was planning on discussing the protection of his country's economy from the 17% tariff with other ministry officials.⁹³
•  Italy – Italian Prime Minister Giorgia Meloni characterized the EU-targeted tariffs as "wrong" and pledged to work toward an agreement to prevent a mutually damaging trade conflict.⁹⁴
•  Japan – Japanese Trade Minister Yoji Muto said that the tariffs are "extremely regrettable" and said that Japan would "continue to urge the US to exempt Japan from these tariffs."⁹⁵
•  Malaysia – Prime minister Anwar Ibrahim announced he would coordinate a regional response in his capacity as ASEAN Chair, and discussed the tariffs with counterparts from Vietnam and Indonesia. Malaysia initially did not implement retaliatory measures.⁹⁶
•  Poland – In a Twitter post, Prime Minister of Poland Donald Tusk responded to Trump's announcement by stating that "Friendship means partnership. Partnership means really and truly mutual duties. Adequate decisions are needed."⁹⁷⁹⁸
•  Russia – On 9 April, Deputy Prime Minister Alexei Overchuk implied that the tariffs would have no significant impact on Russia due to preexisting sanctions preventing major trade with the United States.⁹⁹ Overchuk additionally described the tariffs as a form of deglobalization, claiming that globalization was designed as a Western buffer against Soviet dominance during the Cold War.¹⁰⁰
•  Singapore – Trade minister Gan Kim Yong announced that his country would not impose retaliatory tariffs against the United States because of concerns regarding price imports to Singapore.¹⁰¹
•  South Korea – Industry minister Ahn Duk-geun said that the acting president Han Duck-soo implemented emergency measures for businesses affected by the 25% tariff.¹⁰²
•  Spain – Spanish Prime Minister Pedro Sánchez called Trump's decision "an unprecedented measure that is a unilateral attack on global trade relations", and stressed that "protectionism is not a smart way to face challenges".¹⁰³ He also announced "the immediate deployment" of a $14.1 billion Business Response and Revival Plan to mitigate the damage of US tariffs.¹⁰⁴
•   Switzerland – Swiss President Karin Keller-Sutter announced that Switzerland "has taken note" of the 31% tariff and would "quickly determine how to proceed," emphasizing that the nation's "long-term economic interests are paramount" while maintaining that "loyalty to international law and free trade remain core values."¹⁰⁵
•  Taiwan – Taiwan's cabinet referred to Trump's tariffs toward it as "deeply unreasonable," stating that they did not understand the calculations behind the 32% tariff and would seek to discuss them in talks in Washington.¹⁰⁶ On April 6, President William Lai delivered a video speech saying that the government will make a negotiation with the USA to attempt to decrease the tariff rate, and give necessary support to the industries that the tariff policy impacts.¹⁰⁷ On April 7, Premier Cho Jung-tai convened a meeting with leaders of both ruling and opposition legislative caucuses at the Executive Yuan to discuss the impact of the U.S. tariff increases on Taiwan.¹⁰⁸
•  United Kingdom – Prime minister Keir Starmer said that he planned on negotiating for a trade deal with the United States and that he did not want his country to be in a trade war.¹⁰⁹
•  Vietnam – The country's Ministry of Industry and Trade stated that Trump's 46% reciprocal tariff is "unfair" and "lacking scientific basis", citing that Vietnam's actual average MFN tariff rate for imported goods stands at just 9.4%, contradicting to the White House's accusation of 90%.¹¹⁰ Meanwhile, Prime Minister Phạm Minh Chính summoned an emergency meeting with his cabinet and assigned two of his deputies to head a rapid response task force and a government's special envoy to deal with the American administration.¹¹¹ In a phone call with Trump, the general secretary of the Communist Party of Vietnam Tô Lâm offered a "0%" tariff on American goods in exchange for lowering and eliminating tariffs against Vietnam, which Trump praised in a Truth Social post.¹¹²¹¹³

See also

• Smoot–Hawley Tariff Act
• Nixon shock
• Tariff of Abominations

Notes

References

1. Swanson, Ana; Rappeport, Alan; Romm, Tony (April 2, 2025). "Trump Announces Sweeping Tariffs on All Imports: Live Updates". The New York Times. ISSN 0362-4331. Retrieved April 2, 2025. https://www.nytimes.com/live/2025/04/02/business/trump-tariffs-liberation-day ↩

2. Full text of Executive Order 14257: Donald Trump (April 2, 2025). "Regulating Imports With a Reciprocal Tariff To Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits" (PDF). /wiki/Donald_Trump ↩

3. Simon, Ruth. "How Tariffs Are Crushing Small Businesses: 'Nobody in Power Seems to Care'". WSJ. Retrieved May 12, 2025. https://www.wsj.com/business/entrepreneurship/small-business-tariffs-e6dfaccb ↩

4. Knauth, Dietrich; Wiessner, Daniel (May 28, 2025). "US court blocks Trump's sweeping tariffs, citing overreach of authority". Reuters. Retrieved May 28, 2025. https://www.reuters.com/world/us/us-court-blocks-trumps-liberation-day-tariffs-2025-05-28/ ↩

5. Romm, Tony (May 28, 2025). "Trump Tariffs Ruled Illegal by Federal Judicial Panel". The New York Times. Retrieved May 28, 2025. https://www.nytimes.com/2025/05/28/business/trump-tariffs-blocked-federal-court.html ↩

6. Swanson, Ana; Rappeport, Alan; Romm, Tony (April 2, 2025). "Trump Announces Sweeping Tariffs on All Imports: Live Updates". The New York Times. ISSN 0362-4331. Retrieved April 2, 2025. https://www.nytimes.com/live/2025/04/02/business/trump-tariffs-liberation-day ↩

7. Buchwald, Elisabeth (April 2, 2025). "Trump just massively escalated his trade war. Here's what he announced | CNN Business". CNN. Retrieved April 2, 2025. https://www.cnn.com/2025/04/02/business/liberation-day-trump-tariffs/index.html ↩

8. Swanson, Ana; Rappeport, Alan; Romm, Tony (April 2, 2025). "Trump Announces Sweeping Tariffs on All Imports: Live Updates". The New York Times. ISSN 0362-4331. Retrieved April 2, 2025. https://www.nytimes.com/live/2025/04/02/business/trump-tariffs-liberation-day ↩

9. Stepansky, Joseph. "'Unwarranted': World leaders react after Trump announces fresh tariffs". Al Jazeera. Retrieved April 2, 2025. https://www.aljazeera.com/news/liveblog/2025/4/2/trump-tariffs-live-news-liberation-day-plan-puts-markets-on-high-alert ↩

10. Stepansky, Joseph. "'Unwarranted': World leaders react after Trump announces fresh tariffs". Al Jazeera. Retrieved April 2, 2025. https://www.aljazeera.com/news/liveblog/2025/4/2/trump-tariffs-live-news-liberation-day-plan-puts-markets-on-high-alert ↩

11. Palmer, Doug; Desrochers, Daniel (April 2, 2025). "Trump imposes 10 percent universal tariff, higher for top trade partners". Politico. Retrieved April 3, 2025. https://www.politico.com/news/2025/04/02/trump-tariff-trade-partners-liberation-day-00267350 ↩

12. Pichee, Aimee (April 2, 2025). "Trump reveals these 2 new types of tariffs on what he calls "Liberation Day," CBS News". www.cbsnews.com. Retrieved April 2, 2025. https://www.cbsnews.com/news/liberation-day-trump-tariffs-explained/ ↩

13. Doherty, Dan Mangan, Kevin Breuninger, Jesse Pound, Christina Wilkie, Megan Cassella, Erin (April 2, 2025). "Trump's tariffs shock U.S. trade partners, sending Asian markets lower: Live updates". CNBC. Retrieved April 3, 2025.{{cite web}}: CS1 maint: multiple names: authors list (link) https://www.cnbc.com/2025/04/02/trump-tariffs-live-updates.html ↩

14. Swanson, Ana; Rappeport, Alan; Romm, Tony (April 2, 2025). "Trump Announces Sweeping Tariffs on All Imports: Live Updates". The New York Times. ISSN 0362-4331. Retrieved April 2, 2025. https://www.nytimes.com/live/2025/04/02/business/trump-tariffs-liberation-day ↩

15. Swanson, Ana; Rappeport, Alan; Romm, Tony (April 2, 2025). "Trump Announces Sweeping Tariffs on All Imports: Live Updates". The New York Times. ISSN 0362-4331. Retrieved April 2, 2025. https://www.nytimes.com/live/2025/04/02/business/trump-tariffs-liberation-day ↩

16. Buchwald, Elisabeth (April 2, 2025). "Trump just massively escalated his trade war. Here's what he announced | CNN Business". CNN. Retrieved April 2, 2025. https://www.cnn.com/2025/04/02/business/liberation-day-trump-tariffs/index.html ↩

17. Sheffey, Ayelet. "Trump unveils his double-digit 'Liberation Day' reciprocal tariffs on China, Taiwan, and a slew of other key trading partners". Business Insider. Retrieved April 2, 2025. https://www.businessinsider.com/trump-liberation-day-reciprocal-tariffs-speech-2025-4 ↩

18. "Trump announces sweeping new tariffs to promote US manufacturing, risking inflation and trade wars". AP News. April 2, 2025. Retrieved April 2, 2025. https://apnews.com/article/trump-tariffs-liberation-day-2a031b3c16120a5672a6ddd01da09933 ↩

19. Stepansky, Joseph. "'Unwarranted': World leaders react after Trump announces fresh tariffs". Al Jazeera. Retrieved April 2, 2025. https://www.aljazeera.com/news/liveblog/2025/4/2/trump-tariffs-live-news-liberation-day-plan-puts-markets-on-high-alert ↩

20. Brian Mann (April 5, 2025). "Trump closes loophole used by American shoppers to buy Chinese goods tariff-free". NPR. https://www.npr.org/2025/04/04/nx-s1-5350588/temu-shein-tariff-shopping ↩

21. Swanson, Ana; Rappeport, Alan; Romm, Tony (April 2, 2025). "Trump Announces Sweeping Tariffs on All Imports: Live Updates". The New York Times. ISSN 0362-4331. Retrieved April 2, 2025. https://www.nytimes.com/live/2025/04/02/business/trump-tariffs-liberation-day ↩

22. "Trump announces sweeping new tariffs to promote US manufacturing, risking inflation and trade wars". AP News. April 2, 2025. Retrieved April 2, 2025. https://apnews.com/article/trump-tariffs-liberation-day-2a031b3c16120a5672a6ddd01da09933 ↩

23. Swanson, Ana; Rappeport, Alan; Romm, Tony (April 2, 2025). "Trump Announces Sweeping Tariffs on All Imports: Live Updates". The New York Times. ISSN 0362-4331. Retrieved April 2, 2025. https://www.nytimes.com/live/2025/04/02/business/trump-tariffs-liberation-day ↩

24. Stepansky, Joseph. "'Unwarranted': World leaders react after Trump announces fresh tariffs". Al Jazeera. Retrieved April 2, 2025. https://www.aljazeera.com/news/liveblog/2025/4/2/trump-tariffs-live-news-liberation-day-plan-puts-markets-on-high-alert ↩

25. Stepansky, Joseph. "'Unwarranted': World leaders react after Trump announces fresh tariffs". Al Jazeera. Retrieved April 2, 2025. https://www.aljazeera.com/news/liveblog/2025/4/2/trump-tariffs-live-news-liberation-day-plan-puts-markets-on-high-alert ↩

26. ANNEX I (PDF). White House. April 2, 2025. Archived (PDF) from the original on April 2, 2025. https://www.whitehouse.gov/wp-content/uploads/2025/04/Annex-I.pdf ↩

27. Tariff was originally 34%, but was later increased by Trump ↩

28. Swanson, Ana; Rappeport, Alan; Romm, Tony (April 2, 2025). "Trump Announces Sweeping Tariffs on All Imports: Live Updates". The New York Times. ISSN 0362-4331. Retrieved April 2, 2025. https://www.nytimes.com/live/2025/04/02/business/trump-tariffs-liberation-day ↩

29. Swanson, Ana; Rappeport, Alan; Romm, Tony (April 2, 2025). "Trump Announces Sweeping Tariffs on All Imports: Live Updates". The New York Times. ISSN 0362-4331. Retrieved April 2, 2025. https://www.nytimes.com/live/2025/04/02/business/trump-tariffs-liberation-day ↩

30. Swanson, Ana; Rappeport, Alan; Romm, Tony (April 2, 2025). "Trump Announces Sweeping Tariffs on All Imports: Live Updates". The New York Times. ISSN 0362-4331. Retrieved April 2, 2025. https://www.nytimes.com/live/2025/04/02/business/trump-tariffs-liberation-day ↩

31. Swanson, Ana; Rappeport, Alan; Romm, Tony (April 2, 2025). "Trump Announces Sweeping Tariffs on All Imports: Live Updates". The New York Times. ISSN 0362-4331. Retrieved April 2, 2025. https://www.nytimes.com/live/2025/04/02/business/trump-tariffs-liberation-day ↩

32. Boehm, Eric (May 1, 2025). "Senate Republicans voted overwhelmingly to continue Trump's trade war". Reason.com. Retrieved May 2, 2025. https://reason.com/2025/05/01/senate-republicans-voted-overwhelmingly-to-continue-trumps-trade-war/ ↩

33. Li, Jasmine. "Senate Effort to Repeal Trump's 'Liberation Day' Tariffs Fails". WSJ. Retrieved May 2, 2025. https://www.wsj.com/politics/policy/senate-effort-to-repeal-trumps-liberation-day-tariffs-fails-95cd5388 ↩

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113. Trump, Donald J. (April 4, 2025). "Call with To Lam". Truth Social. Retrieved April 4, 2025. Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S. I thanked him on behalf of our Country, and said I look forward to a meeting in the near future. /wiki/Donald_Trump ↩