President Donald Trump unveiled what he called “our Declaration of Economic Independence” on Wednesday at his “Liberation Day” event, announcing reciprocal tariffs on other countries in order to bring back the “American dream.”
Speaking in the White House Rose Garden to members of Congress and the Senate, labor union groups, and the press, Trump said American taxpayers have been “ripped off for more than 50 years, but it’s not going to happen anymore”:
Referring to American workers, some of whom were in the audience, the president said, “They watched in anguish as foreign leaders have stolen our jobs, foreign cheaters have ransacked our factories, and foreign scavengers have torn apart our once-beautiful American dream.”
Applause erupted in the Rose Garden before Trump said, “This is one of the most important days, in my opinion, in American history. It’s our Declaration of Economic Independence.”
“For years, hardworking American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. But now, it’s our turn to prosper, and in so doing, use trillions and trillions of dollars to reduce our taxes and pay down our national debt and it will all happen very quickly. With today’s action, we are finally going to be able to Make America Great Again — greater than ever before.
A chart displayed by Trump at his podium and posted by his rapid response team on X revealed the breakdown of tariffs:
The tariffs start with a baseline of 10 percent for all nations, but several received higher, based on half the amount they charge the United States.
China’s 67-percent tariff on the United States is being met with a 34-percent tariff in response, and the E.U.’s 39-percent tariff is being met with a 20-percent tariff.
Trump added that a 25-percent tariff on “all foreign-made automobiles” will go into effect at midnight.
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