On April 2, 2025, after weeks of speculation and heightened geopolitical tension, President Trump announced sweeping global tariffs on what he dubbed “Liberation Day”. The tariffs included a baseline universal tariff of 10% on most imported foreign goods,1 in addition to specific “reciprocal tariffs” on several major trading partners. It was initially announced that the universal tariff would go into effect on April 5, while the reciprocal tariffs were due to begin on April 9. However, on April 9, 2025, Trump announced that most of the reciprocal tariffs would be delayed for a period of 90 days.
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