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Declaring yesterday “Liberation Day,” President Donald Trump announced that the United States would impose a 10% baseline tariff on all imports, and higher duties on many other trading partners, including China, which will face 34% tariffs, and the European Union, which will face 20%.
“In short, chronic trade deficits are no longer merely [economic] — they’re a national emergency that threatens our security and our very way of life,” President Trump said from the White House Rose Garden. “And for these reasons, starting tomorrow, the United States will implement reciprocal tariffs on other nations.”
Breaking down the different rates countries will face, Trump explained that for some trade partners the United States will be “very kind” and “charge them approximately half of what they are and have been charging us.”
The Trump administration released a full accounting of the tariff plan on X:
LIBERATION DAY RECIPROCAL TARIFFS ?? pic.twitter.com/ODckbUWKvO
— The White House (@WhiteHouse) April 2, 2025
Trump noted in his announcement that the tariffs could have an initial negative effect on the economy, saying, “There will be a little disturbance, but we are OK with that.”
The market’s immediate reaction found U.S. stocks plunging on Thursday. At press time, the blue-chip Dow lost more than 1,500 points and the S&P 500 tumbled nearly 200 points, per USA Today.
As politicians debate the short and long-term results of this global trade war along predictable party lines, CEOs and business leaders have also gone public with their views. Here’s what they’re saying:
“President Trump is taking action to address numerous trade barriers that prevent consumers overseas from enjoying high-quality, wholesome American beef. NCBA will continue engaging with the White House to ensure fair treatment for America’s cattle producers around the world and optimize opportunities for exports abroad.” — Ethan Lane, Senior VP of Government Affairs, National Cattlemen’s Beef Association, told Reuters
“President Trump has consistently prioritized policies that put the electrical industry as a priority, and we recognize his commitment to strengthening our nation’s economy. As these new tariffs take effect, we look forward to working with the Administration to ensure that electrical contractors and the entire electrical industry can continue powering America efficiently while navigating potential cost and supply chain challenges.” — David Long, CEO of National Electrical Contractors Association (NECA) in a statement
“We strongly support today’s Executive Order from President Donald J. Trump imposing a 25% tariff to stop the flood of aluminum imports into the United States. President Trump’s decisive action will protect national security and help level the playing field for America’s aluminum workers. On behalf of our employees, I thank President Trump for putting America first and strengthening the Section 232 tariffs, which will help drive the resurgence of domestic aluminum production.” — Century Aluminum Company CEO Jesse Gary told The White House Press Office
“We had already planned to increase (local production in the U.S.) to 100%. We are ready to go.” — Antonio Baravalle, CEO of Lavazza, told Reuters
“The countries that make the first tariff deals with @realDonaldTrump will make the better deals. The countries that wait or retaliate will regret that they were not part of the early deal group or worse.” — Bill Ackman, founder and chief executive officer of Pershing Square Capital Management, wrote on X.
“Our exports would certainly be impacted. If these tariffs continue long-term, including for vehicles, we will need to respond by raising prices or reducing costs.” — Motofumi Shitara, CEO of Yamaha Motor Company, told Reuters
Related: The U.S. Government Is Canceling Paper Checks. Here’s Why.
“The cost of vehicles will go up. It’s just math. The bottom line is there is absolutely no vehicle that won’t be impacted by tariffs.” — former Ford CEO Mark Fields told CNN
“[Tariffs will cause] massive tax hikes on Americans that will drive inflation, kill jobs on Main Street and may cause a recession for the U.S. economy. Americans will become poorer because of these tariffs.” — Consumer Technology Association CEO Gary Shapiro said in a statement to CBS News
“We had hoped the president would take a more targeted approach, but these broad tariffs will only drive up costs, reduce product quality and weaken consumer confidence. Our industry is already dealing with inflationary pressures, and this move will force families to think twice before making a purchase. That’s bad for Americans and the economy.” — Matt Priest, CEO of the Footwear Distributors and Retailers of America, quoted in The New York Times
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