Live: Donald Trump promises major economic announcements for US 'Liberation Day' | DW News

On what he has dubbed "Liberation Day," US President Donald Trump is set to impose sweeping new reciprocal tariffs on many countries, the details of which are still unknown.

Donald Trump has a longstanding belief that the US is being treated unfairly in global trade. He argues that many countries impose higher tariffs on US goods than the US does on theirs, creating an imbalance. Trump has said he wants to match the levy on US imports that other countries apply to US products. As well as forcing major economic powers to lower their duties, the president believes reciprocal tariffs will boost his "America First" economic policy by narrowing the country's trade deficit while improving the competitiveness of US manufacturers. However, economists have pointed out that the US benefits from having large trade imbalances with the rest of the world, as the dollar is used in most trade, which offers major tailwinds to the US economy. They have also warned that the tariffs already announced by Trump will raise consumer prices for imported goods to the US, stoking inflation.

In anticipation of the announcement of new US reciprocal tariffs, the world's major economies have vowed to retaliate. The European Union has a "strong plan" to retaliate against tariffs imposed, and set to be imposed, by US President Donald Trump, but it would prefer to negotiate a solution, EU Commissin President Ursula von der Leyen said on Tuesday. "We are going to be very deliberate in terms of the measures we take, to fight for Canada," Canadian Prime Minister Mark Carney said on Tuesday. Australian Prime Minister Anthony Albanese and his rival in May's election, Liberal Party leader Peter Dutton, said they would stand up for the country's national interests in the face of looming US tariffs. Meanwhile, other top exporters are trying to build alliances to counter the US, with China, Japan and South Korea accelerating talks on a free trade agreement. And Vietnam, in an effort to appease Trump, said it would lower tariffs on a number of goods.

#Tariffs #TradeWar #LiberationDay
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