Preliminary Assessment Of President Trump’s Tariffs

On Wednesday, April 2nd , 2025, President Trump announced the details of his “Liberation Day” tariffs, which include reciprocal tariff rates on key trading partners and a baseline 10% tariff applied to all countries not featured on a preliminary exemption list. The implementation of these measures will be phased: baseline tariffs will take effect on April 5th, tariffs on automotive imports will begin earlier on April 3rd , and country-specific tariffs are scheduled to commence on April 9th. In response, on April 4th, China announced that it would impose retaliatory tariffs of 34% on U.S. imports, effective April 10th.

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