Trump Announces New Wave of Tariffs Ahead of ‘Liberation Day’ on April 2

A Fresh Tariff Offensive

U.S. President Donald Trump has pledged a sweeping new round of tariffs targeting both allies and adversaries, marking a bold escalation in trade policy just days before what he calls “Liberation Day” this Wednesday.

New Tariffs in Play

This latest move continues a year-long trend of escalating trade measures.

• North America: In February, Trump announced a 25% tariff on Canadian and Mexican goods, linking the move to his immigration crackdown. Though implementation was delayed until March with temporary relief for the auto industry, those exemptions remain uncertain as the deadline looms.
• China: Unlike its North American neighbors, China received no leniency. The administration imposed an additional 20% tariff on Chinese goods, citing Beijing’s alleged role in fentanyl smuggling. This further deepens the ongoing U.S.-China trade war.
• Steel & Aluminum: Tariffs on these metals, set at 25%, took effect in mid-March.
• Automobiles: Starting April 3, 2025, at 12:01 AM ET, imported cars will face a 25% tariff.
• Venezuelan Oil: The administration is also considering blanket tariffs on buyers of Venezuelan crude, potentially taking effect as soon as Wednesday.

Who’s in the Crosshairs?

While the full scope of the tariffs remains unclear, analysts predict they will impact around 15% of U.S. trade partners—nicknamed the “Dirty 15” by Treasury Secretary Scott Bessent.

These include:
🇨🇳 China | 🇪🇺 EU | 🇲🇽 Mexico | 🇻🇳 Vietnam | 🇹🇼 Taiwan | 🇯🇵 Japan | 🇰🇷 South Korea | 🇨🇦 Canada

Trump’s strategy reportedly considers not just existing tariffs but also non-tariff barriers like value-added taxes and digital service levies, potentially tightening trade restrictions even further.

Industry-Specific Targets

Trump has hinted at sector-focused tariffs on:

• Pharmaceuticals
• Semiconductors
• Lumber

Retaliation on the Horizon

Trade partners are already pushing back:

• China has imposed counter-tariffs of 10–15% on U.S. agricultural goods like soybeans.
• The EU has threatened $28 billion in retaliatory duties on American products, from bourbon to motorcycles.
• Canada has slapped tariffs on $42 billion worth of U.S. goods, including steel and electronics.
• Mexico is preparing its own response, with action expected in early April.

What’s Next?

Trump’s trade war won’t stop at April 2. Ongoing probes into lumber and copper imports could lead to further tariffs, and the U.S. Trade Representative is investigating China’s role in maritime logistics—potentially resulting in port fees of up to $1.5 million for Chinese-built ships.

Additionally, Tuesday’s release of the “America First Trade Policy” report may trigger even more measures, including:

• A review of the Phase One U.S.-China trade deal.
• Export control recommendations to safeguard American tech.
• A reassessment of the US-Mexico-Canada Agreement (USMCA).
• A possible review of China’s permanent normal trade relations status.

With these moves, Trump is making it clear—his aggressive trade policy is just getting started.