US President Donald Trump was to unveil sweeping new “Liberation Day” tariffs after press time last night, but kept the world guessing until the last minute about the scope of an onslaught that could spark a global trade war.
While Trump insisted he had decided on the reciprocal tariffs hitting countries that have targeted the US, the White House said that he was still ironing out the details with less than 24 hours to go.
Early yesterday morning Trump posted a simple one-liner in all caps on his Truth Social network: “It’s Liberation Day in America!”
Photo: Reuters
The Republican billionaire has had a long love affair with tariffs, insisting in the face of economic experts that they are a cure-all that would tackle the US’ trade imbalances.
Critics say that not only would US consumers bear the brunt as importers pass on the cost, but that they could increase the risk of a damaging recession in the US and abroad.
Global markets have been jittery for days ahead of Trump’s announcement, while the countries most likely in the crosshairs have called for talks — even as they ready retaliatory measures.
The move also underscores the growing and profound gulf between Trump’s US and many of its closest allies, not only on trade, but on security, defense and almost everything else.
The 78-year-old US president has trailed the measures for weeks, initially suggesting that the tariffs would simply match whatever levies other countries impose. On Monday, he merely said that he would be “very kind” — but gave little away.
As the deadline drew near, US media reported that he had also been considering blanket 20 percent tariffs — and then that he was looking at a third option where some countries would get preferential treatment.
White House press secretary Karoline Leavitt said Trump was meeting his top advisers on the eve of the announcement, “perfecting it to make sure this is a perfect deal.”
The tariffs would come into effect “immediately” after yesterday’s roll-out, she added — effectively ruling out any delays for negotiations with other countries.
Trump has wobbled on several other tariff announcements since returning to office in January, blinking at the last minute with allies such as Canada and Mexico.
However, his plans have sparked growing fears of a damaging trade war around the world that could drive up prices and cause widespread disruption.
European Central Bank President Christine Lagarde yesterday in an interview with Irish radio station Newstalk said the impacts would “unsettle the trade world as we know it.”
Major economies including the EU and Canada have vowed retaliation.
“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.
The EU said it still hoped to negotiate a solution — but that “all instruments are on the table” to retaliate.
British Prime Minister Keir Starmer spoke with Trump on “productive negotiations” toward a UK-US trade deal.
Vietnam on Tuesday said it would slash duties on a range of goods to appease Trump.
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
CROSS-STRAIT: The vast majority of Taiwanese support maintaining the ‘status quo,’ while concern is rising about Beijing’s influence operations More than eight out of 10 Taiwanese reject Beijing’s “one country, two systems” framework for cross-strait relations, according to a survey released by the Mainland Affairs Council (MAC) on Thursday. The MAC’s latest quarterly survey found that 84.4 percent of respondents opposed Beijing’s “one country, two systems” formula for handling cross-strait relations — a figure consistent with past polling. Over the past three years, opposition to the framework has remained high, ranging from a low of 83.6 percent in April 2023 to a peak of 89.6 percent in April last year. In the most recent poll, 82.5 percent also rejected China’s
RSS