President Donald Trump announced his "Freedom Day" tariffs on Wednesday, sparking global concerns about a potential trade war.
During an eagerly anticipated address at the White House Rose Garden, the wealthy business magnate declared that April 2, 2025, will "go down in history as the moment American industry was revitalized." He asserted that this date marks the beginning of a significant increase in domestic production, with numerous businesses relocating to the U.S. to manufacture their goods.
It remains to be observed, however, Trump explicitly stated that he would no longer permit imports into the United States without imposing an appropriate tariff — adding that nations ought to adopt “a bit of tough love.”
“Leaders from other countries have taken our jobs, cheats from abroad have plundered our factories, and scavengers from overseas have dismantled our former glorious American Dream,” Trump cautioned.
It will no longer occur though.
|
|
President Donald Trump displays a signed executive order at an event announcing new tariffs in the Rose Garden of the White House on April 2, 2025, in Washington. The photo was taken by AP. |
Here are some of the key excerpts from his comments.
'Independence'
For many years, our nation has faced theft, destruction, exploitation, and robbery at the hands of countries close and distant, whether they be friends or foes," Trump stated, emphasizing that the misuse of trade by allies frequently surpassed that of adversaries.
In my view, this is one of the crucial days in American history. It marks our declaration of economic independence.
Employment opportunities and manufacturing facilities will return robustly to our nation, and this resurgence is already underway. We will boost our internal industrial sector significantly. We will unlock overseas markets and dismantle foreign trade obstacles, leading to increased production within our borders. This shift will result in fiercer competition and reduced costs for customers.
Benevolence?
Even though he announced "minimal standard" tariffs at a rate of 10% on trading partners, Trump tried to present this action as beneficial for international commerce.
"The president stated, 'We are showing considerable leniency. We intend to impose charges that amount to roughly half of what they currently levy against us,'" he remarked.
And what if nations object? “Should they protest, and wish for their tariff rates to reach zero, then they should manufacture their products right here in the United States.”
China hit hard
At the forefront of the tariff list President Trump displayed at the podium was China, which boasts the world’s second-largest economy. The president asserted that when including the impact of currency manipulation, the overall tariffs imposed by Beijing on American products reached as high as 67%.
"Thus, we will apply a reduced reciprocal tariff rate of 34% on imports from China," Trump stated.
We charge them, they charge us back, but this time with a lower fee. How could anyone object? They might still complain since we've never levied charges before. However, from now on, we'll start charging.
Trump said China's President Xi Jinping was among several world leaders who "understand" the need for the tariffs, such as the ones he slapped on Chinese steel and other products during his first term as president.
They all recognize that we might have to be firm with them, perhaps. However, they all acknowledge this. They’re taking advantage of us, and they know it.
Way back when
From 1789 to 1913, our country operated under a system supported by tariffs, during which time the United States reached its highest level of wealth relative to history," claimed Trump, who has often highlighted late-19th-century protectionist President William McKinley as one of his role models known for imposing import duties.
"In 1913, for reasons unclear to humanity, they introduced the income tax, ensuring that citizens, not foreign nations, began contributing the funds required to operate our government," Trump stated.
"Then in 1929 it all came to a very abrupt end with the Great Depression. And it would have never happened if they had stayed with the tariff policy," Trump said, conveniently ignoring the multiple factors -- including global economics, bank troubles, and the stock market crash -- that led to the Great Depression.
No surrender
In addition to highlighting tariffs on China, other Asian powers and the European Union, Trump turned his ire closer to home.
"The United States can no longer continue with the policy of unilateral economic surrender," he said.
"We cannot pay the deficits of Canada, Mexico and so many other countries. We used to do it. We can't do it anymore."