U.S. President Donald Trump on Wednesday announced sweeping tariffs on imports, boasting of a so-called "Liberation Day" that experts warn could trigger a full-scale global trade war.

The decision, issued via executive order, has already sent markets tumbling and sparked outrage from allies and trade partners alike.

Speaking from the White House Rose Garden, Trump launched into a nationalist tirade, falsely claiming that the United States had been "looted, pillaged, raped, and plundered" by its trading partners. His inflammatory rhetoric and disregard for economic realities immediately sent the dollar plummeting by 1% against the euro and weakened its standing against other major currencies.

While the full scope of the tariffs remained unclear, the 78-year-old president appeared eager to escalate tensions, vowing to impose "reciprocal" tariffs on a global scale without considering the potential economic backlash on American businesses and consumers.

Trump’s 'Liberation Day' Charade Threatens Global Stability

“This is Liberation Day,” Trump boasted, painting himself as a hero of American industry while ignoring the widespread concern that his policy could cripple the economy. Cabinet members and hard-hat-clad workers cheered him on, despite growing warnings from economists that his reckless trade war could drive the U.S. into a recession.

For weeks, Trump had been signaling his intent to impose these punitive measures, promoting an illusion of economic revival while disregarding expert analysis that tariffs will only lead to higher consumer prices, job losses, and retaliatory trade barriers.

Markets had been on edge leading up to the announcement, with global investors fearing the instability that Trump’s heavy-handed approach could unleash. Many nations, previously seen as strong U.S. allies, are now preparing countermeasures, threatening to push the world into a cycle of escalating economic conflict.

Targeting Allies, Punishing the Vulnerable

Trump’s tariffs disproportionately target some of America’s biggest allies and trading partners. China, the president’s favorite scapegoat, faces a crushing 34% tariff, while key allies such as the European Union and Japan will see 20% and 24% levies, respectively.

Holding up a crude chart, Trump smugly claimed he was being “very kind” by only imposing half of what these nations supposedly charge the U.S. The reality, however, is that his actions will likely backfire, straining diplomatic relations and damaging industries that rely on trade partnerships.

Meanwhile, smaller and developing economies—many of which have little impact on the U.S. trade deficit—are being hit with devastating tariffs. Lesotho faces a 50% tariff, Cambodia 49%, Laos 48%, Madagascar 47%, Vietnam 46%, and Sri Lanka 44%. These exorbitant rates show that Trump’s trade war is not about fairness, but rather about indiscriminately punishing the global economy.

The tariffs are set to take effect this weekend, with Trump’s administration warning that even harsher rates will follow. The White House, citing a fabricated "national emergency" over trade deficits, confirmed that a baseline 10% tariff will be implemented at 12:01 a.m. (0401 GMT) on April 5, while the most extreme penalties will hit targeted nations on April 9.

Shutting Down Trade Loopholes, Fueling Retaliation

As part of his destructive trade agenda, Trump also signed an executive order eliminating the “de minimis” loophole, a mechanism that had allowed low-value packages to enter the U.S. duty-free from China. This unnecessary crackdown will only make goods more expensive for American consumers while escalating tensions with China.

The European Union has already pledged to retaliate "before the end of April," initially targeting U.S. steel and aluminum exports before expanding countermeasures sector by sector. British Prime Minister Keir Starmer, who unsuccessfully sought an exemption, decried Trump’s decision, warning that a "trade war is in nobody’s interest." Germany also condemned the move, stating that such conflicts ultimately harm both sides.

Despite the chaos he has unleashed, Trump and his administration deliberately withheld details of the tariffs until the last moment, leaving businesses and investors scrambling. Meanwhile, a separate 25% tariff on auto imports, announced last week, is set to take effect at 12:01 a.m. on Thursday, further deepening the crisis.

Economic Fallout: The Cost of Trump’s Recklessness

Trump has long peddled the myth that tariffs will solve America’s trade deficits and revive its economy. However, economic experts and business leaders agree that these policies will do the opposite—driving up prices, burdening consumers, and jeopardizing millions of American jobs.

European Central Bank President Christine Lagarde issued a stark warning that Trump’s tariffs, regardless of how other nations respond, will have a "negative impact worldwide." Many fear that the trade war he has ignited will slow economic growth and disrupt global markets.

While Trump has backed down from previous tariff battles—such as those targeting Canada and Mexico—his latest escalation shows an alarming willingness to sacrifice economic stability for the sake of political grandstanding. With retaliation from major economies imminent, Trump’s so-called "Liberation Day" may instead be remembered as the day he pushed the world toward economic turmoil. (ILKHA)