The United States celebrated Liberation Day with a new twist, as President Donald Trump delivered a speech that sent ripples across global industries. His lengthy and elaborate address unveiled a series of tariff policies to reshape America’s position as an exporting nation.
Trump began by highlighting what he described as the “unfair treatment” of the United States in global trade. He pointed to monetary and non-monetary tariffs imposed on American goods, with a particular focus on the automobile industry. The termination of trans-Pacific treaties was a cornerstone of his argument, signalling a shift in America’s trade strategy.
The President didn’t shy away from naming specific countries. He criticized Australia’s discouragement of beef imports, Japan’s restrictions on American cars, and Canada’s reluctance to embrace U.S. dairy products. These examples underscored his broader narrative of trade inequities faced by American exporters.
In a move he described as a “kind gesture,” Trump, alongside his Commerce Minister, presented a chart detailing the “discounts” offered to various countries instead of imposing absolute reciprocal taxes. The list included China, the European Union, Japan, Taiwan, India, the United Kingdom, Sri Lanka, Pakistan, and Bangladesh. This poster-table served as a visual representation of his approach to balancing trade relationships. The Tariffs are expected to be levied at Midnight of 2nd April 2025.
Trump emphasised imposing a general 10% tariff on all countries, which he claimed would stabilise the U.S. economy. He also championed “Build in America” as the ultimate solution to avoid tariffs. Companies like Apple, SoftBank, and TSMC were highlighted for their commitments to investing in American job creation, showcasing a collaborative effort to bolster domestic manufacturing.
The President only mentioned the importation of antibiotics briefly, highlighting fears over reliance on external sources, particularly in light of possible wartime conditions. This added an element of national security to his trade policy.
His speech concluded with a proud acknowledgement of the ongoing retaliation against the Houthis, which he described as a “successful venture.”
Trump didn’t miss the opportunity to tout his achievements. He pointed to the creation of new manufacturing jobs and a dramatic 50% reduction in egg prices as evidence of his administration’s success. However, the fine print tells us that this price reduction is in the ‘Wholesale Price’, and the actual consumers are yet to reap the benefits of the relief. The reality in 2025 was that you could only buy a limited number of eggs even from the supermarket giants, which made the American household feel the crunch of the times.
The first response to the Tariffs came from Australian PM Anthony Albanese. After Trump’s announcement, Albanese said, ‘This is not the act of a friend.’
He said, President Trump referred to reciprocal tariffs. A reciprocal tariff would be zero, not 10%. The administration’s tariffs have no basis in logic and go against the bases of our two nation’s partnership. This is not the act of a friend.
As industries and nations digest the implications of Trump’s tariff policies, the jolts or joys for the common man are yet to be determined. These moves have diplomatic implications as well, which may be experienced in a longer run.
Also Read: Trump’s Tariffs and the Rising Trade Deficit
