US President Donald Trump on Wednesday announced a sweeping set of tariffs in what he called a declaration of "economic independence," igniting fears of a global trade war. Speaking from the White House Rose Garden, Trump declared that April 2, 2025, would "forever be remembered as the day American industry was reborn."
In his address, the president insisted that domestic manufacturing would surge as companies moved production back to the United States. While the economic impact remains uncertain, Trump was resolute in his stance against imports without appropriate tariffs, asserting that nations needed to accept "a little tough love."
'Foreign cheaters' and 'tough love'
Trump delivered a scathing rebuke of international trade practices, blaming foreign nations for undermining the American economy.
"Foreign leaders have stolen our jobs, foreign cheaters have ransacked our factories, and foreign scavengers have torn aport our once-beautiful American Dream," Trump declared. "But it is not going to happen anymore."
Economic 'independence'
"For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike," Trump said, arguing that trade abuse by allies was often more damaging than that committed by rivals.
"This is one of the most important days, in my opinion, in American history. It's our declaration of economic independence."
The president pledged that the tariffs would bring back jobs and boost domestic industry. "Jobs and factories will come roaring back into our country, and you see it happening already. We will supercharge our domestic industrial base. We will pry open foreign markets and break down foreign trade barriers, and ultimately, more production at home will mean stronger competition and lower prices for consumers."
PM Modi 'is a great friend of mine,' says Trump
"India, very, very tough. Very, very tough. The Prime Minister just left. He's a great friend of mine, but I said, 'You're a friend of mine, but you're not treating us right. They charge us 52%. You have to understand, we charge them almost nothing for years and years and decades, and it was only seven years ago, when I came in, that we started with China'," he said while announcing 26 per cent 'discounted' tariff on India.
A 'benevolent' approach?
Despite imposing a "minimum baseline" 10 percent tariff on trading partners, Trump portrayed his policy as a fair and moderate solution.
"We are being very kind," the president claimed. "We will charge them approximately half of what they are and have been charging us."
He had a message for nations unhappy with the new tariffs, "If they complain, if you want your tariff rate to be zero, then you build your product right here in America."
China in the crosshairs
China topped the list of tariff targets Trump held up during his speech, with the president claiming that Beijing imposed a total tariff equivalent of 67 percent on US goods, including currency manipulation.
"So we're going to be charging a discounted reciprocal tariff of 34 percent" Trump said. "They charge us, we charge them, we charge them less. So how can anybody be upset? They will be, because we never charged anybody anything. But now we're going to charge."
He said Chinese President Xi Jinping, along with other world leaders, understood the necessity of the tariffs, referencing those he imposed on Chinese steel and other products during his first term.
"They all understand we're going to have to go through a little tough love, maybe. But they all understand. They're ripping us off and they understood it."
Historical justification
Trump invoked history to support his policy, pointing to an era when tariffs played a central role in US revenue.
"From 1789 to 1913 we were a tariff-backed nation, and the United States was proportionately the wealthiest it has ever been," Trump said, citing protectionist President William McKinley as a historical hero.
He criticised the introduction of the income tax in 1913, claiming it shifted financial burdens onto American citizens instead of foreign nations.
"In 1913 for reasons unknown to mankind, they established the income tax so that citizens, rather than foreign countries, would start paying the money necessary to run our government," Trump said. "Then in 1929 it all came to a very abrupt end with the Great Depression. And it would have never happened if they had stayed with the tariff policy."
His interpretation of history, however, overlooked broader economic factors such as global financial instability, banking crises, and the 1929 stock market crash.
No more 'economic surrender'
Trump's tariffs extended beyond China to include other Asian economies and the European Union, but he also took aim at North American trading partners.
"The United States can no longer continue with the policy of unilateral economic surrender," he said. "We cannot pay the deficits of Canada, Mexico and so many other countries. We used to do it. We can't do it anymore."
In his address, the president insisted that domestic manufacturing would surge as companies moved production back to the United States. While the economic impact remains uncertain, Trump was resolute in his stance against imports without appropriate tariffs, asserting that nations needed to accept "a little tough love."
'Foreign cheaters' and 'tough love'
Trump delivered a scathing rebuke of international trade practices, blaming foreign nations for undermining the American economy.
"Foreign leaders have stolen our jobs, foreign cheaters have ransacked our factories, and foreign scavengers have torn aport our once-beautiful American Dream," Trump declared. "But it is not going to happen anymore."
Economic 'independence'
"For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike," Trump said, arguing that trade abuse by allies was often more damaging than that committed by rivals.
"This is one of the most important days, in my opinion, in American history. It's our declaration of economic independence."
The president pledged that the tariffs would bring back jobs and boost domestic industry. "Jobs and factories will come roaring back into our country, and you see it happening already. We will supercharge our domestic industrial base. We will pry open foreign markets and break down foreign trade barriers, and ultimately, more production at home will mean stronger competition and lower prices for consumers."
PM Modi 'is a great friend of mine,' says Trump
"India, very, very tough. Very, very tough. The Prime Minister just left. He's a great friend of mine, but I said, 'You're a friend of mine, but you're not treating us right. They charge us 52%. You have to understand, we charge them almost nothing for years and years and decades, and it was only seven years ago, when I came in, that we started with China'," he said while announcing 26 per cent 'discounted' tariff on India.
A 'benevolent' approach?
Despite imposing a "minimum baseline" 10 percent tariff on trading partners, Trump portrayed his policy as a fair and moderate solution.
"We are being very kind," the president claimed. "We will charge them approximately half of what they are and have been charging us."
He had a message for nations unhappy with the new tariffs, "If they complain, if you want your tariff rate to be zero, then you build your product right here in America."
China in the crosshairs
China topped the list of tariff targets Trump held up during his speech, with the president claiming that Beijing imposed a total tariff equivalent of 67 percent on US goods, including currency manipulation.
"So we're going to be charging a discounted reciprocal tariff of 34 percent" Trump said. "They charge us, we charge them, we charge them less. So how can anybody be upset? They will be, because we never charged anybody anything. But now we're going to charge."
He said Chinese President Xi Jinping, along with other world leaders, understood the necessity of the tariffs, referencing those he imposed on Chinese steel and other products during his first term.
"They all understand we're going to have to go through a little tough love, maybe. But they all understand. They're ripping us off and they understood it."
Historical justification
Trump invoked history to support his policy, pointing to an era when tariffs played a central role in US revenue.
"From 1789 to 1913 we were a tariff-backed nation, and the United States was proportionately the wealthiest it has ever been," Trump said, citing protectionist President William McKinley as a historical hero.
He criticised the introduction of the income tax in 1913, claiming it shifted financial burdens onto American citizens instead of foreign nations.
"In 1913 for reasons unknown to mankind, they established the income tax so that citizens, rather than foreign countries, would start paying the money necessary to run our government," Trump said. "Then in 1929 it all came to a very abrupt end with the Great Depression. And it would have never happened if they had stayed with the tariff policy."
His interpretation of history, however, overlooked broader economic factors such as global financial instability, banking crises, and the 1929 stock market crash.
No more 'economic surrender'
Trump's tariffs extended beyond China to include other Asian economies and the European Union, but he also took aim at North American trading partners.
"The United States can no longer continue with the policy of unilateral economic surrender," he said. "We cannot pay the deficits of Canada, Mexico and so many other countries. We used to do it. We can't do it anymore."
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