The president's so-called “Liberation Day” is the beginning of a painful and pointless ordeal for the American people.
President Donald Trump’s describing his new tariff announcement as “Liberation Day” is perhaps an apt description of his “liberating” families from their wallets.
After all, Trump inherited a growing (if imperfect) economy that just 10 weeks later is facing collapsing consumer confidence, paralyzed business investment, rising prices, deepening job losses and a cratering stock market. Business cycles will inevitably bring occasional downturns, but this economic decline has the rare attribute of being entirely self-inflicted by the current president.
The president’s minimum global tariff rate of 10% and country-specific rates as high as 50% are nearly impossible to justify. They are not designed to retaliate against unfair trading practices. The European Union, whose 1.3% average tariff rate is slightly below America’s pre-2025 rate of 1.5%, would be hit with a 20% tariff. Japan’s 1.6% average tariff rates would be answered with America’s 24% tariff. Canada and Mexico, which have followed U.S.-led trade deals, are nonetheless expected to be soon transitioned to these full rates, too. Tariffs on China would reach 54% when combined with earlier policies.
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Jessica Riedl (formerly Brian Riedl) is a senior fellow at the Manhattan Institute. Follow her on Twitter here.
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