Trump Announces ‘Liberation Day’ Tariffs Despite Growing Economic Concerns

President Donald Trump declared “Liberation Day” today, April 2, as he prepares to implement sweeping new tariffs. This marks the second wave of tariffs, following a brief pause after it briefly took effect in February.

This time around, the tariffs threaten to escalate the ongoing trade war and disrupt the global economy. Details of the tariff plans remain vague, but the measures, which are set to take effect immediately, could include universal tariffs on all imports, potentially reaching up to 20%, according to CNN.

CNN also reported that the White House Press Secretary Karoline Leavitt confirmed that the tariffs would roll out, despite concerns from investors, economists, and business leaders about their potential economic impact. “If that happens, we get a serious recession,” Mark Zandi, chief economist at Moody’s Analytics, told CNN on Tuesday. Zandi predicted the tariffs could lead to millions of job losses and a 1.7% drop in GDP.

According to CNN, while Trump’s advisers are publicly backing the tariffs, some fear the move could result in retaliatory tariffs from other nations that can harm US industries.

There are growing concerns over recession and stagflation, but the White House maintains that the tariffs are necessary to protect American workers. “It’s for their kids and their grandkids to ensure that there are jobs here in the United States of America for their children to live the American Dream,” Leavitt said at a press briefing Tuesday afternoon.